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, and Serbo-Croatian word {{lang|sr-Cyrl|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 ({{lang|sr-Cyrl|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|date=December 2023}}

{{Main|Hryvnia sign}}

File:Hryvnia symbol.svg

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.* Michael Everson's {{cite web|url=http://std.dkuug.dk/jtc1/sc2/wg2/docs/n2743.pdf|title=Proposal to encode the HYRVNIA SIGN and CEDI SIGN in the UCS|date=23 April 2004|access-date=23 April 2004|archive-date=3 October 2020|archive-url=https://web.archive.org/web/20201003050806/http://std.dkuug.dk/jtc1/sc2/wg2/docs/n2743.pdf|url-status=live}} 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|date=December 2023}}

{{main article|History of the Ukrainian hryvnia}}

File:Grivna 1.jpg]]

File:Ukrainian 100 hryvnia's note of the People's repub.jlic of Ukraine (1918) front side.jpg (1918)]]

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|date=December 2023}} The karbovanets was replaced by the hryvnia in September 1996, at a rate of 1 hryvnia to 100,000 karbovanets.{{cite web|url=http://www.bank.gov.ua/control/en/publish/printable_article;jsessionid=15111854B1ABFB8B3B2073ED5CB1BD7F?art_id=37482&showTitle=true|title=National Bank of Ukraine|website=Bank.gov.ua|access-date=11 February 2017|archive-date=2 April 2019|archive-url=https://web.archive.org/web/20190402175059/https://www.bank.gov.ua/control/en/publish/printable_article;jsessionid=15111854B1ABFB8B3B2073ED5CB1BD7F?art_id=37482&showTitle=true|url-status=live}}

The introduction of the hryvnia was done in a covert fashion.{{cite web|url=http://www.obriy.pib.com.ua/2002/04_02/01.htm |title=Volodymyr Matvienko. Autograph on Hryvnia |language=uk |url-status=dead |archive-url=https://web.archive.org/web/20081231072715/http://www.obriy.pib.com.ua/2002/04_02/01.htm |archive-date=December 31, 2008 }} 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. After 16 September 1996, any remaining karbovanets in circulation could be exchanged for hryvnias in banks.{{citation needed|date=December 2023}}

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|date=December 2023}}

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.{{cite news|date=18 March 2014|access-date=18 March 2014|url= http://english.cntv.cn/program/newsupdate/20140318/104543.shtml|title=Ukrainian hryvnia to be dropped in April: Crimean gov't official|work=CCTV News America|archive-url=https://web.archive.org/web/20140423034008/http://english.cntv.cn/program/newsupdate/20140318/104543.shtml|archive-date=23 April 2014|url-status=live}} It was replaced by the Russian ruble on 21 March 2014; the hryvnia was allowed to be used for cash payments until 1 June.[http://en.itar-tass.com/russia/734204 Crimea enters the rouble zone] {{Webarchive|url=https://web.archive.org/web/20141129070815/http://en.itar-tass.com/russia/734204 |date=2014-11-29 }}, ITAR-TASS (1 June 2014) 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.{{cite web|title="In theory, it is possible to pay with Ukrainian hryvnias, Russian rubles, US dollars, and euros in the DPR and the LPR. However, only the two former currencies are in common use. Their exchange rate has been fixed by the governments, and is 1:2 (one hryvnia is the equivalent of two rubles). However, there is a shortage of low denomination rubles, so the Ukrainian hryvnia is still the most popular means of payment."|url=http://www.osw.waw.pl/en/publikacje/osw-commentary/2015-06-17/war-republics-donbas-one-year-after-outbreak-conflict|website=Osw.waw.pl|date=17 June 2015|access-date=2 April 2019|archive-date=8 November 2020|archive-url=https://web.archive.org/web/20201108131132/http://www.osw.waw.pl/en/publikacje/osw-commentary/2015-06-17/war-republics-donbas-one-year-after-outbreak-conflict|url-status=live}}

{{main article|Coins of the Ukrainian hryvnia}}

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,{{cite web|url=https://www.rbc.ua/rus/news/nbu-v-blizhayshie-mesyatsy-rassmotrit-vopros-o-tselesoobraznosti-04102012121300|title=НБУ в ближайшие месяцы рассмотрит вопрос о целесообразности использования 1-2-копеечных монет|website=Rbc.ua|access-date=2 April 2019|archive-date=2 April 2019|archive-url=https://web.archive.org/web/20190402134909/https://www.rbc.ua/rus/news/nbu-v-blizhayshie-mesyatsy-rassmotrit-vopros-o-tselesoobraznosti-04102012121300|url-status=live}} 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.{{cite web|url=https://bank.gov.ua/en/news/all/natsionalniy-bank-uporyadkovuye-nominalniy-ryad-banknot-i-monet-grivni|title=NBU Streamlines Hryvnia Banknote and Coin Denominations|date=25 June 2019|website=National Bank of Ukraine|access-date=17 July 2019|archive-date=22 October 2020|archive-url=https://web.archive.org/web/20201022023925/https://bank.gov.ua/en/news/all/natsionalniy-bank-uporyadkovuye-nominalniy-ryad-banknot-i-monet-grivni|url-status=live}} On 26 October 2012, the National Bank of Ukraine announced it was considering the introduction of a ₴2 coin.{{cite web|publisher=RBK Ukraina|date=26 October 2012|url= http://www.rbc.ua/rus/news/economic/nbu-rassmotrit-vopros-vvedeniya-v-obrashchenie-2-grivnevoy-26102012163200|script-title=ru:НБУ рассмотрит вопрос введения в обращение 2-гривневой монеты|trans-title=RBK will consider the issuance of 2-hryvnia coin|archive-date=21 February 2014|archive-url=https://web.archive.org/web/20140221012600/http://www.rbc.ua/rus/news/economic/nbu-rassmotrit-vopros-vvedeniya-v-obrashchenie-2-grivnevoy-26102012163200|url-status=live|language=ru}} Officially, as of 1 July 2016, 12.4 billion coins, with a face value of ₴1.4 billion were in circulation.{{Cite web|url=https://www.bank.gov.ua/admin_uploads/article/Cash_Circulation_eng_2019-10-01.jpg|title=Cash_Circulation|date=October 28, 2019|archive-url=https://web.archive.org/web/20191028084059/https://www.bank.gov.ua/admin_uploads/article/Cash_Circulation_eng_2019-10-01.jpg|archive-date=2019-10-28}} On 1 October 2019, 1, 2 and 5 kopiyky coins ceased to be legal tender. They can be still changed at banks.{{Cite web|url=https://bank.gov.ua/ua/news/all/monetami-1-2-ta-5-kopiiok-ne-mojna-rozrahovuvatisya-z-1-jovtnya-2019-roku|title=Монетами 1, 2 та 5 копійок не можна розраховуватися з 1 жовтня 2019 року|website=Національний банк України|access-date=2021-04-16|archive-date=2021-04-16|archive-url=https://web.archive.org/web/20210416153055/https://bank.gov.ua/ua/news/all/monetami-1-2-ta-5-kopiiok-ne-mojna-rozrahovuvatisya-z-1-jovtnya-2019-roku|url-status=live}}

{{main article|Banknotes of the Ukrainian hryvnia}}

File:20-Hryvnia-2003-front.jpg

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.{{cite web|url=http://www.podrobnosti.ua/economy/2006/09/04/344955.html|script-title=ru:Как появилась гривна|trans-title=How hryvnia was born|publisher=Podrobnosti|language=ru|date=4 September 2006|archive-url=https://web.archive.org/web/20140313212510/http://www.podrobnosti.ua/economy/2006/09/04/344955.html|archive-date=13 March 2014}}{{cite news|url=http://www.zn.ua/3000/3150/22377/ |title=The man who designed Hryvnia |language=ru |newspaper=Zerkalo Nedeli |url-status=dead |archive-url=https://web.archive.org/web/20080423230315/http://www.zn.ua/3000/3150/22377/ |archive-date=April 23, 2008 }} 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.

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.{{cite web|url=http://www.dt.ua/2000/2040/54365/|title=Hryvnia-Immigrant|newspaper=Zerkalo Nedeli|language=uk|url-status=dead|archive-url=https://web.archive.org/web/20101229072136/http://www.dt.ua/2000/2040/54365/|archive-date=2010-12-29}} 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.

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.{{cite web|url=http://n-auditor.com.ua/en/novini-2/item/36966-nbu-starts-printing-money-from-flax.html|title=NBU Starts Printing Money from Flax – Незалежний АУДИТОР|website=N-auditor.com.ua|access-date=11 February 2017|archive-date=10 May 2017|archive-url=https://web.archive.org/web/20170510064518/http://n-auditor.com.ua/en/novini-2/item/36966-nbu-starts-printing-money-from-flax.html|url-status=live}}

In 2019, the National Bank of Ukraine introduced a 1,000 hryvnia banknote and was issued into circulation on 25 October 2019.[https://www.unian.info/economics/amp-10731702-brand-new-1-000-hryvnia-banknote-put-into-circulation-on-oct-25.html Brand new 1,000-hryvnia banknote put into circulation on Oct 25] {{Webarchive|url=https://web.archive.org/web/20191025164510/https://www.unian.info/economics/amp-10731702-brand-new-1-000-hryvnia-banknote-put-into-circulation-on-oct-25.html |date=2019-10-25 }}, UNIAN (25 October 2019) 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.

^{Translate all languages texts words qr codes and money units to English always}

Official NBU exchange rate at moment of introduction was UAH 1.76 per 1 US dollar.{{cite web|url=http://bank.gov.ua/control/uk/curmetal/currency/search?formType=searchFormDate&time_step=daily&date=17.09.1996&execute=%D0%92%D0%B8%D0%BA%D0%BE%D0%BD%D0%B0%D1%82%D0%B8|title=Результати пошуку|website=Bank.gov.ua|access-date=11 February 2017|archive-date=22 December 2012|archive-url=https://archive.today/20121222104353/http://bank.gov.ua/control/uk/curmetal/currency/search?formType=searchFormDate&time_step=daily&date=17.09.1996&execute=%D0%92%D0%B8%D0%BA%D0%BE%D0%BD%D0%B0%D1%82%D0%B8|url-status=live}}

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.[http://www.bank.gov.ua/Fin_ryn/OF_KURS/Currency/SearchPeriod.aspx National Bank of Ukraine] {{Webarchive|url=https://web.archive.org/web/20081218075938/http://www.bank.gov.ua/Fin_ryn/OF_KURS/Currency/SearchPeriod.aspx |date=2008-12-18 }}, historical exchange rates 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|date=September 2020}}

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.{{cite news|url= http://www.bank.gov.ua/control/uk/publish/article?art_id=5454079&cat_id=55838|title= 7 лютого 2014 року Національний банк України вводить в обіг пам'ятну монету "Визволення Нікополя від фашистських загарбників"|trans-title= 7 February 2014 the National Bank of Ukraine will issue commemorative coins "Nikopol Liberation from the Nazis"|date= 7 February 2014|archive-date= 21 February 2014|url-status= live|archive-url= https://web.archive.org/web/20140221230812/http://www.bank.gov.ua/control/uk/publish/article?art_id=5454079&cat_id=55838}} 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.[https://www.bbc.com/news/world-europe-35483171 Ukraine teeters a few steps from chaos] {{Webarchive|url=https://web.archive.org/web/20190519090109/https://www.bbc.com/news/world-europe-35483171 |date=2019-05-19 }}, BBC News (5 February 2016)

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.[https://www.kyivpost.com/business/us-dollar-in-ukraine-costs-less-than-hr-25-for-the-first-time-in-3-years.html?cn-reloaded=1 US dollar in Ukraine costs less than Hr 25 for the first time in 3 years] {{Webarchive|url=https://web.archive.org/web/20211109234227/https://www.kyivpost.com/business/us-dollar-in-ukraine-costs-less-than-hr-25-for-the-first-time-in-3-years.html?cn-reloaded=1 |date=2021-11-09 }} Kyiv Post, July 31, 2019

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,[https://www.bloomberg.com/news/articles/2022-07-21/ukraine-devalues-hryvnia-to-plug-drain-on-foreign-reserves Ukraine Devalues Hryvnia to Adjust to War-Time Economic Reality] bloomberg.com, July 21, 2022 to bring it into alignment with the black market.{{cite web | last=Culverwell | first=Dominic | title=Ukraine's central bank devalues hryvnia rate to 36.5686 to the dollar | website=bne IntelliNews | date=21 July 2022 | url=https://www.intellinews.com/ukraine-s-central-bank-devalues-hryvnia-rate-to-36-5686-to-the-dollar-251219/|location=Berlin}}

The international mid-market exchange rate fluctuates, but values the hryvnia slightly lower than the official rate.{{cite web | title=Best USD to UAH Exchange Rates Compared Live | website=Money transfer| url=https://www.monito.com/best-exchange-rates/usd/uah}} Current mid-market rate, updated frequently.

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{{Exchange Rate|UAH}}

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

{{Reflist}}

{{refbegin}}

• {{Numis cite SCWC|date=1991}}
• {{Numis cite SCWPM|date=2006}}

{{refend}}

{{commons}}

• [https://web.archive.org/web/20060813144325/http://www.bank.gov.ua/ENGL/Bank_coin/histor_grn.htm The history of the hryvnia] from the National Bank of Ukraine
• [https://www.bank.gov.ua/uah National Bank of Ukraine announcement of Hryvnia Sign] {{in lang|uk}}
• [https://www.bank.gov.ua/uah/uah-history Proposed symbols for hryvnia during design competition] {{in lang|uk}}
• [http://www.uazone.net/Hryvnia/hryvnia1.html Images of hryvnia notes introduced in 1997]
• [http://www.museum.com.ua/project/eng/vist/dengi/dengi.html The first Ukrainian Money (1917–1922)] from the Odesa Numismatics Museum
• [http://www.bonistikaweb.ru/NUMBON/1996-8(38).htm Ukraine monetary reform. Numismatics] {{in lang|ru}}
• [https://en.numista.com/catalogue/ukraine-1.html List of coins of Ukraine] (Numista)

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(on 29 April 1918)}}

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(on 14 December 1918)}}

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(on 2 September 1996)}}

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