Ukrainian hryvnia

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, Croatian, and Serbian 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').

Following Ukraine's declared secession from Russia in 1917, the Ukrainian People's Republic named its currency hryvnia after the grivna of Kievan Rus'; these were designed by Heorhiy Narbut.

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

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]}

On 22 December 1917, the Central Rada established Ukraine's state bank. The karbovanets became first currency of the Ukrainian People's Republic. On 5 January 1918, the first official 100 karbovanets banknote was issued, signed by Mykhailo Kryvetskyi, the first director of the state bank.

On 1 March 1918, the Central Council introduced a new currency, the hryvnia, consisting of 100 shahs and equaled to 1/2 of the previously issued karbovanets banknote.

In April 1918, Hetman Pavlo Skoropadsky reintroduced the karbovanets as the main currency of Ukraine. It consisted of 200 shahs, and denominations of 10, 25, 50, 100, 250 and 1,000 karbovanets were issued.

During the Nazi occupation of Ukraine in World War II, the German occupying government (Reichskommissariat Ukraine) issued banknotes denominated in karbovanets (karbowanez in German).

The third version of the karbovanets replaced rubles at par in 1992. The karbovanets was subject to hyperinflation in the early 1990s following the dissolution of the Soviet Union.^{[citation needed]} The karbovanets was replaced by the hryvnia in September 1996, at a rate of 1 hryvnia to 100,000 karbovanets.^[5]

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]

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 kopiykas	17.30 mm	0.64 g (1992~1996) 1.8 g (2001–)	aluminium (1992–1996), stainless steel (2001–)				1992–2014
		5 kopiykas	24 mm	4.3 g	stainless steel	Reeded			1992–2015
		10 kopiykas	16.3 mm	1.7 g	brass (1992–1996), aluminium bronze (2001–)	Reeded	Value, Ornaments	Ukrainian Trident	1992~present	2 September 1996	Current
		25 kopiykas	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 kopiykas	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	Volodymyr the Great	2018[16]		Current
		2 hryvnias	20.2 mm	4.0 g				Yaroslav the Wise
		5 hryvnias	22.1 mm	5.2 g		Segmented (Plain and Reeded edges)		Bohdan Khmelnytsky	2019
		10 hryvnias	23.5 mm	6.4 g	Nickel plated zinc alloy	Reeded		Ivan Mazepa	2020[16]
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

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

Following the 1997 Asian financial crisis, the currency was devalued to UAH 5.6 = USD 1.00 in February 2000. The exchange rate then 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, as a result of the 2008 financial crisis that led to the 2008–09 Ukrainian financial crisis, 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 U.S. 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 US dollar (from 1996) and Euro (from 1999)

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