Ukrainian hryvnia

Ukrainian hryvnia

українська гривня (Ukrainian)
1000 hryvnias banknote 1 hryvnia coin
ISO 4217
Code	UAH (numeric: 980)
Subunit	0.01
Unit
Plural	hryvni (nom. pl.), hryven (gen. pl.)
Symbol	₴ or грн‎
Denominations
Subunit
​1⁄100	kopiyka (копійка)
Plural
kopiyka (копійка)	kopiyky (nom. pl.), kopiyok (gen. pl.)
Banknotes
Freq. used	₴20, ₴50, ₴100, ₴200, ₴500, ₴1,000
Rarely used	₴1, ₴2, ₴5, ₴10
Coins
Freq. used	₴1, ₴2, ₴5, ₴10
Rarely used	10, 50 kopiyok
Demographics
User(s)	Ukraine
Issuance
Central bank	National Bank of Ukraine
Website	www.bank.gov.ua/en
Printer	National Bank of Ukraine
Mint	National Bank of Ukraine
Valuation
Inflation	9.52% (2021 y-o-y)[1][failed verification]
Source	NBU, 2019, May[2][failed verification]
Method	CPI

The hryvnia (/(hə)ˈrɪvniə/ (hə-)RIV-nee-ə; Ukrainian: гривня [ˈɦrɪu̯nʲɐ] (listen), Template:Abbr.: грн hrn; sign: ₴; code: UAH) has been the national currency of Ukraine since 2 September 1996. The hryvnia is divided into 100 kopiyok. It is named after a measure of weight used in Kievan Rus'.^[3]

Name

Etymology

The currency of Kievan Rus' in the 11th century was the grivna. The word is thought to derive from the Slavic griva; which compares with the Ukrainian, Russian, Bulgarian, and Serbo-Croatian word грива (griva, meaning "mane"). It might have indicated something valuable to be worn around the neck, that was usually made of silver or gold, and may be related to the Bulgarian and Serbian term grivna (гривна, "bracelet").^{[citation needed]}

The word was used to describe silver or gold ingots of a certain weight.^{[citation needed]}

Plural forms

The nominative plural of hryvnia is hryvni (Ukrainian: гривні), while the genitive plural is hryven’ (Ukrainian: гривень). In Ukrainian, the nominative plural form is used for numbers ending with 2, 3, or 4, as in dvi hryvni (дві гривні, "2 hryvni"), and the genitive plural is used for numbers ending with 5 to 9 and 0, for example sto hryven’ (сто гривень, "100 hryven’"); for numbers ending with 1 the nominative singular form is used, for example dvadtsiat’ odna hryvnia (двадцять одна гривня, "21 hryvnia"). An exception for this rule is numbers ending in 11, 12, 13 and 14 for which the genitive plural is also used, for example, dvanadciat’ hryven’ (дванадцять гривень, "12 hryven’"). The singular for the subdivision is копійка (kopiyka), the nominative plural is копійки (kopiyky) and the genitive is копійок (kopiyok).^{[citation needed]}

Currency sign

The hryvnia sign is a cursive Ukrainian letter He (г), with a double horizontal stroke (₴), symbolizing stability, similar to that used in other currency symbols such as the yen and Chinese yuan (¥, a symbol the currencies share), euro (€), and Indian rupee (₹). The sign was encoded as U+20B4 in Unicode 4.1 and released in 2005.^[4] It is now supported by most systems. In Ukraine, if the hryvnia sign is unavailable, the Cyrillic abbreviation "грн" is used (which can be transliterated as "hrn").^{[citation needed]}

History

11th-12th century Kyiv hryvnia, as reproduced by the National Bank of Ukraine

The 100 karbovanets note of the Ukrainian People's Republic, issued in three languages: Ukrainian, Polish and Yiddish (1917)

A currency called the hryvnia was used in Kievan Rus'.^{[citation needed]}

Following its declared secession from Russia, the Ukrainian National Republic initially named its currency the hryvnia after the grivna of Kievan Rus'; these were designed by Heorhiy Narbut. The karbovanets was issued from 1919 to 1920 before being supplanted by the Soviet ruble, following Ukraine's absorption into the Soviet Union. The karbovanets was reintroduced during the Axis occupation of Ukraine during World War II.^{[citation needed]}

The third version of the karbovanets when the Soviet ruble collapsed during September 1996, at a rate of 1 hryvnia to 100,000 karbovantsiv.^[5] The karbovanets was subject to hyperinflation in the early 1990s following the dissolution of the Soviet Union.^{[citation needed]}

The introduction of the hryvnia was done in a covert fashion.^[6] It was introduced according to the Presidential Decree of 26 August 1996, published three days later. During the transition period, 2–16 September, both hryvnias and karbovanets could be used, but change could only be given in hryvnias. All bank accounts were converted to hryvnias automatically. During the transition period, 97% of karbovanets were taken out of circulation, with 56% being removed in the first five days of the currency reform.^[6] After 16 September 1996, any remaining karbovanets in circulation could be exchanged for hryvnias in banks.^{[citation needed]}

The hryvnia was introduced when the chairman of the National Bank of Ukraine was Viktor Yushchenko, but the new banknotes bore the signature of the previous chairman, Vadym Hetman. The first notes had been printed in 1992 by the Canadian Bank Note Company, but it was decided to delay their circulation until the hyperinflation in Ukraine had been brought under control.^{[citation needed]}

On 18 March 2014, following the Russian annexation of Crimea, the interim administration of the Republic of Crimea announced that the hryvnia was to be dropped as the region's currency the following month.^[7] It was replaced by the Russian ruble on 21 March 2014;^[8] the hryvnia was allowed to be used for cash payments until 1 June.^[8] Because of a lack of low-denomination Russian rubles in those raions of the Donbas under the control of the pro-Russian separatist states of Donetsk and Luhansk, the hryvnia remained the predominant currency until 2022.^[9]

Coinage

Coins were first struck for the new currency in 1992, but were not introduced until September 1996. Initially, coins valued between 1 and 50 kopiyky were issued. In March 1997, ₴1 coins were added. Since 2004, commemorative ₴1 coins have been struck.

In October 2012, the National Bank of Ukraine announced that it was examining the possibility of withdrawing the 1 and 2 kopiyky coins from circulation,^[10] as they had become too expensive to produce. After 2013, 1 and 2 kopiyky coins were not produced, but remained in circulation until 1 October 2019.^[11] On 26 October 2012, the National Bank of Ukraine announced it was considering the introduction of a ₴2 coin.^[12] Officially, as of 1 July 2016, 12.4 billion coins, with a face value of ₴1.4 billion were in circulation.^[13] On 1 October 2019, 1, 2 and 5 kopiyky coins ceased to be legal tender. They can be still changed at banks.^[14]

Coins of the Ukrainian Hryvnia (1992–present)[15]
Image		Value	Technical parameters			Description			Date of
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal			1 kopiyka	16 mm	1.5 g	Stainless steel	Plain	Value, Ornaments	Ukrainian Trident	1992–2016	2 September 1996	Not issued since 1 July 2018.[16] 1, 2, and 5-kopiyka coins withdrew from general circulation on 1 October 2019.[11]			2 kopiyky	17.30 mm	0.64 g (1992~1996) 1.8 g (2001–)	aluminium (1992–1996), stainless steel (2001–)	1992–2014			5 kopiyok	24 mm	4.3 g	stainless steel	Reeded	1992–2015			10 kopiyok	16.3 mm	1.7 g	brass (1992–1996), aluminium bronze (2001–)	Reeded	Value, Ornaments	Ukrainian Trident	1992~present	2 September 1996	Current			25 kopiyok	20.8 mm	2.9 g	Reeded and plain sectors	1992–2016	Not issued since 1 July 2018.[16] 25-kopiyka coin ceased to be legal tender in Ukraine and gone out of circulation, effective 1 October 2020.[17][18]			50 kopiyok	23 mm	4.2 g	1992~present	Current			1 hryvnia	26 mm	7.1 g (1995,1996) 6.9 g (2001–)	brass (1995, 1996), aluminium bronze (2001–)	Inscription: "ОДНА ГРИВНЯ", minted year	1995~2013	12 March 1997	Current, but new design introduced in 2018			1 hryvnia	26 mm	6.8 g (2004–2016)	Aluminium bronze (2004–2016)	Plain with incuse lettering ("ОДНА · ГРИВНЯ · Date of issue")	Inscription: Coat of arms of Ukraine; УКРАЇНА 1 ГРИВНЯ; date of issue inside a decorative wreath	Half length figure of Volodymyr the Great holding a model church and staff with legend above	2004–2016	2004
		1 hryvnia	18.9 mm	3.3 g	Nickel-plated steel	Reeded	Coat of Arms of Ukraine, Value, Ornaments	Vladimir the Great	2018[16]		Current			2 hryvni	20.2 mm	4.0 g	Yaroslav the Wise								5 hryven	22.1 mm	5.2 g	Segmented (Plain and Reeded edges)	Bohdan Khmelnytsky	2019				10 hryven	23.5 mm	6.4 g	Nickel plated zinc alloy	Reeded	Ivan Mazepa	2020[16]

Banknotes

In 1996, the first series of hryvnia banknotes was introduced into circulation by the National Bank of Ukraine. They were dated 1992 and were in denominations of 1, 2, 5, 10 and 20 hryvnias. The design of the banknotes was developed by Ukrainian artists Vasyl Lopata and Borys Maksymov.^[19][20] The one hryvnia banknotes were printed by the Canadian Bank Note Company in 1992. The two, five and ten hryvnia banknotes were printed two years later. The banknotes were stored in Canada until they were put into circulation.^[19]

Banknotes of the first series in denominations of 50 and 100 hryvnias also existed but were not introduced because these nominals were not needed in the economic crisis of the mid-1990s.

Also in 1996, the 1, 50, and 100 hryvnia notes of the second series were introduced, with 1 hryvnia dated 1994. The banknotes were designed and printed by Britain's De La Rue.^[21] Since the opening of the Mint of the National Bank of Ukraine in cooperation with De La Rue in March 1994, all banknotes have been printed in Ukraine.^[21]

Later, higher denominations were added. The 200 hryvnia notes of the second series were introduced in 2001, followed by the 500 hryvnia notes of the third series in 2006, and 1000 hryvnia notes of fourth series in 2019.

The 100 hryvnia denomination is quite common due to its moderately high value. Also common is the 200 and 500 hryvnia, as most Ukrainian ATMs dispense currency in these denominations.

In 2016, the NBU paper factory started producing banknote paper using flax instead of cotton.^[22]

In 2019, the National Bank of Ukraine introduced a 1,000 hryvnia banknote and was issued into circulation on 25 October 2019.^[23] The introduction of the new banknote was in response to the National Bank of Ukraine's efforts of streamlining the number of coins and banknotes already in circulation. The 1, 2, 5 and 10 hryvnia banknotes will continue to be legal tender alongside its equivalent coins in general circulation, while being withdrawn from circulation from repeated use in commerce.

In 2019, the National Bank of Ukraine introduced a revised 50 hryvnia banknote into circulation on 20 December 2019 and issued a revised 200 hryvnia banknote on 25 February 2020, thereby completing the family of notes which began with the issuance of the 100 hryvnia banknote in 2015.

Current series

Denomination [1] and dimensions	Image		Main colour	Description			Date of issue	Withdrawal
	Obverse	Reverse		Watermark	Obverse	Reverse
₴1 118 × 63 mm			Yellow-blue	Volodymyr the Great of Kiev (c. 958–1015), Prince of Novgorod and Grand Prince of Kiev Ruler of Kievan Rus' in (980–1015)		Volodymyr I's Fortress Wall in Kiev	22 May 2006	1 October 2020
₴2 118 × 63 mm			Terracotta	Yaroslav the Wise (c. 978 – 1054), Prince of Novgorod and Grand Prince of Kiev Ruler of Kievan Rus' in (1019–1054)		Saint Sophia Cathedral, Kyiv	24 September 2004
₴5 118 × 63 mm			Blue	Bohdan Khmelnytsky (c. 1595–1657), Hetman of Ukraine		A church in the village of Subotiv	14 June 2004
₴10 124 × 66 mm			Crimson	Ivan Mazepa (1639–1709), Hetman of Ukraine		The Holy Dormition Cathedral of the Kyiv Pechersk Lavra	1 November 2004
₴20 130 × 69 mm			Green	Ivan Franko (1856–1916), writer and politician		Lviv Theatre of Opera and Ballet	25 September 2018	Current
₴50 136 × 72 mm			Violet	Mykhailo Hrushevskyi (1866–1934), historian and politician.		The Tsentralna Rada building ("House of the Teacher" in Kyiv)	20 December 2019
₴100 142 × 75 mm			Olive	Taras Shevchenko (1814–1861), poet and artist		Taras Shevchenko National University of Kyiv	9 March 2015
₴200 148 × 75 mm			Pink	Lesya Ukrainka (1871–1913), poet and writer		Entrance Tower of Lutsk Castle	25 February 2020
₴500 154 × 75 mm			Brown	Hryhorii Skovoroda (1722–1794), philosopher and poet		National University of Kyiv-Mohyla Academy	11 April 2016
₴1,000 160 × 75 mm			Blue	Volodymyr Vernadskyi (1863–1945), historian, philosopher, naturalist and scientist		National Academy of Sciences of Ukraine	25 October 2019

Exchange rates

Official NBU exchange rate at moment of introduction was UAH 1.76 per 1 United States dollar .^[24]

Following the Asian financial crisis in 1998, the currency was devalued to UAH 5.6 = USD 1.00 in February 2000. Later, the exchange rate remained relatively stable at around 5.4 hryvnias for 1 US dollar and was fixed to 5.05 hryvnias for 1 US dollar from 21 April 2005 until 21 May 2008. In mid-October 2008 rapid devaluation began, in the course of a global financial crisis that hit Ukraine hard, with the hryvnia dropping 38.4% from UAH 4.85 for 1 US dollar on 23 September 2008 to UAH 7.88 for 1 US dollar on 19 December 2008.^[25] After a period of instability, a new peg of 8 hryvnias per US dollar was established, remaining for several years. In 2012, the peg was changed to a managed float (much like that of the Chinese yuan) as the euro and other European countries' currencies weakened against the dollar due to the European debt crisis, and the value in mid-2012 was about ₴8.14 per dollar.^{[citation needed]}

As from 7 February 2014, following political instability in Ukraine, the National Bank of Ukraine changed the hryvnia into a fluctuating/floating currency in an attempt to meet IMF requirements and to try to enforce a stable price for the currency in the Forex market.^[26] In 2014 and 2015 the hryvnia lost about 70% of its value against the U.S. dollar, with the currency reaching a record low of ₴33 per dollar in February 2015.^[27]

On 31 July 2019, the hryvnia to U.S. dollar exchange rate in the interbank foreign exchange market strengthened to ₴24.98 — the highest level in 3 years.^[28]

Following the Russian invasion of Ukraine, the official exchange rate of hryvnia was fixed at ₴29.25 per US dollar and ₴33.17 per euro. On 21 July 2022, it was devalued to ₴36.5686 per US dollar,^[29] to bring it into alignment with the black market.^[30]

The international mid-market exchange rate fluctuates, but values the hryvnia slightly lower than the official rate.^[31]

Hryvnia exchange rate to United States dollar (from 1996) and Euro (from 1999)

See also

• Economy of Ukraine
• List of commemorative coins of Ukraine
• List of currencies in Europe
• Hryvnia

References

Bibliography

External links

Wikimedia Commons has media related to Ukrainian hryvnia.

• The history of the hryvnia from the National Bank of Ukraine
• National Bank of Ukraine announcement of Hryvnia Sign (in Ukrainian)
• Proposed symbols for hryvnia during design competition (in Ukrainian)
• Images of hryvnia notes introduced in 1997
• The first Ukrainian Money (1917–1922) from the Odesa Numismatics Museum
• Ukraine monetary reform. Numismatics (in Russian)
• List of coins of Ukraine (Numista)

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