Currency round-up: Ukraine issues war anniversary note

Ukraine: The National Bank of Ukraine began circulating a commemorative 20 hryvnia ($0.54) banknote on February 23, to mark the first anniversary of the Russian invasion. The central bank will issue 300,000 pieces of the note.

The front of the note features three Ukrainian soldiers raising the national flag, and also features the banners of some of Ukraine’s allies. It includes a short text explaining Russian aggression towards Ukraine since 2014, and defining the conflict as “a war for a civilisational choice”.

The reverse features representations of Ukrainian suffering, including a pair of bound hands and poppies. It carries the legend, “We will not forget! We will not forgive! Never”.

NBU governor Andriy Pyshnyy said the note “was created as a reminder of Ukraine’s war for independence and sovereignty”.

The NBU will initially sell the new notes through its online store. They will become available in select banks from late March.

The central bank has already issued a number of coins honouring Ukraine’s military and war effort.

Cayman Islands: The Cayman Islands Monetary Authority announced on January 30 that it was opening an online consultation about redesigning the territory’s banknotes. The CIMA is redesigning the currency following the death of Queen Elizabeth II, to incorporate images of King Charles III. The Cayman Islands is a British Overseas Territory.

Participants will be able to select from three new motifs for the banknotes, as well as signal support for keeping current themes or suggest their own. They will also be asked whether banknotes need more aids for people who are blind or have low vision.

Cindy Scotland, CIMA’s managing director, said the monetary authority would also use the redesign process to “raise awareness about the history and unique features of our local currency”.

The monetary authority will print its new notes on a polymer substrate, “which is more durable and cost effective”. CIMA also intends to issue new coins with the same design, but Charles III’s image.

CIMA expects to finish designing the new currency by 2024.

Middle East: UK foreign exchange dealer Travelex announced it has set up a wholesale cash distribution business in the Middle East. In a February 28 news release, the company said it has “onboarded a wide range of retail bank and non-bank customers across the region”.

In a January interview with PYMTS, Travelex CEO Richard Wazacz said cash would continue to be a common payment method for some time to come, especially in international travel. “The existential threat that DVDs faced from Netflix and Kodak [from digital cameras] isn’t going to happen to cash anywhere in the same way or anytime soon,” he said.

Central African States: The Bank of Central African States (BEAC) announced its 1992 series of banknotes would cease to be legal tender from March 1. People in the six-country monetary union will have until May 31 to exchange their old notes at commercial banks. They will have another year to exchange the old currency at BEAC offices.

BEAC started circulating its first new banknotes in two decades last November. The 2002 series will remain in circulation.

Nicaragua: The Central Bank of Nicaragua announced on February 24 it was releasing a new 1 cordoba ($0.03) coin into circulation.

The stainless steel pieces maintain the design of previous 1 cordoba denominations. Coins from previous issues will continue to circulate alongside the new one.