Ukrainian hryvnia

Last updated
Ukrainian hryvnia
українська гривня (Ukrainian)
1000 hryvnia 2019 front.png 1 hryvnia coin of Ukraine, 2018.jpg
1000 hryvnias banknote1 hryvnia coin
ISO 4217
CodeUAH (numeric:980)
Subunit 0.01
Unit
Pluralhryvni (nom. pl.), hryven (gen. pl.)
Symbol or грн
Denominations
Subunit
1100kopiyka (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 used10, 50 kopiyok
Demographics
User(s)Flag of Ukraine.svg  Ukraine
Issuance
Central bank National Bank of Ukraine
Website https://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 ]
SourceNBU, 2019, May [2] [ failed verification ]
Method CPI

The hryvnia ( /(hə)ˈrɪvniə/ (hə-)RIV-nee-ə; Ukrainian : гривня [ˈɦrɪu̯nʲɐ] , abbr.: грнhrn; 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]

Contents

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

Hryvnia currency sign Hryvnia symbol.svg
Hryvnia 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 Grivna 1.jpg
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) 100karbovantsevUNR R.jpg
The 100 karbovanets note of the Ukrainian People's Republic, issued in three languages: Ukrainian, Polish and Yiddish (1917)

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 Soviet ruble returned after World War II.

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 karbovantsiv. [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]

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]
ImageValueTechnical parametersDescriptionDate of
ObverseReverseDiameterMassCompositionEdgeObverseReversemintingissuewithdrawal
Coins of the Ukrainian hryvnia 04.png Coins of the Ukrainian hryvnia 03.png 1 kopiyka16 mm1.5 gStainless steelPlainValue,
Ornaments
Ukrainian Trident 1992–20162 September 1996Not issued since 1 July 2018. [16] 1, 2, and 5-kopiyka coins withdrew from general circulation on 1 October 2019. [11]
Coins of the Ukrainian hryvnia 05.png Coins of the Ukrainian hryvnia 06.png 2 kopiyky17.30 mm0.64 g (1992~1996)
1.8 g (2001–)
aluminium (1992–1996),
stainless steel (2001–)
1992–2014
Coins of the Ukrainian hryvnia 11.png Coins of the Ukrainian hryvnia 01.png 5 kopiyok24 mm4.3 gstainless steelReeded1992–2015
Coins of the Ukrainian hryvnia 08.jpg Coins of the Ukrainian hryvnia 09.jpg 10 kopiyok16.3 mm1.7 g brass (1992–1996),
aluminium bronze (2001–)
ReededValue,
Ornaments
Ukrainian Trident 1992~present2 September 1996Current
Coins of the Ukrainian hryvnia 02.png Coins of the Ukrainian hryvnia 10.png 25 kopiyok20.8 mm2.9 gReeded and plain sectors1992–2016Not 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]
Coins of the Ukrainian hryvnia 12.png Coins of the Ukrainian hryvnia 07.png 50 kopiyok23 mm4.2 g1992~presentCurrent
1 Ukrainian hryvnia in 2013 Obverse.jpg 1 Ukrainian hryvnia in 2013 Reverse.jpg 1 hryvnia26 mm7.1 g (1995,1996)
6.9 g (2001–)
brass (1995, 1996),
aluminium bronze (2001–)
Inscription: "ОДНА ГРИВНЯ", minted year1995~201312 March 1997Current, but new design introduced in 2018
1-hrywnia-coin-Volodymyr-the-Great (cropped).PNG 1-hrywnia-coin-Volodymyr-the-Great-rev (cropped).PNG 1 hryvnia26 mm6.8 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 wreathHalf length figure of Volodymyr the Great holding a model church and staff with legend above2004–20162004
1 hryvnia coin of Ukraine, 2018 (averse).jpg 1 hryvnia coin of Ukraine, 2018 (reverse).jpg 1 hryvnia18.9 mm3.3 gNickel-plated steelReeded Coat of Arms
of Ukraine
,
Value,
Ornaments
Volodymyr the Great 2018 [16] Current
2 hryvnia coin of Ukraine, 2018 (averse).jpg 2 hryvnia coin of Ukraine, 2018 (reverse).jpg 2 hryvni20.2 mm4.0 g Yaroslav the Wise
5 hryvnia coin of Ukraine, 2018 (averse).jpg 5 hryvnia coin of Ukraine, 2018 (reverse).jpg 5 hryven22.1 mm5.2 gSegmented (Plain and Reeded edges) Bohdan Khmelnytsky 2019
10 hryvnia coin of Ukraine, 2018 (averse).jpg 10 hryvnia coin of Ukraine, 2018 (reverse).jpg 10 hryven23.5 mm6.4 gNickel plated zinc alloyReeded Ivan Mazepa 2020 [16]
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

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
and dimensions
ImageMain colourDescriptionDate of issueWithdrawal
ObverseReverseWatermarkObverseReverse
₴1
118 × 63 mm
1 Ukrainian hryvnia in 2014 Obverse.jpg 1 Ukrainian hryvnia in 2014 Reverse.jpg 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 20061 October 2020
₴2
118 × 63 mm
2 Ukrainian hryvnia in 2013 Obverse.jpg 2 Ukrainian hryvnia in 2013 Reverse.jpg 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
5 Ukrainian hryvnia in 2004 Obverse.jpg 5 Ukrainian hryvnia in 2004 Reverse.jpg Blue Bohdan Khmelnytsky (c. 1595–1657), Hetman of Ukraine A church in the village of Subotiv 14 June 2004
₴10
124 × 66 mm
10 Ukrainian hryvnia in 2015 Obverse.jpg 10 Ukrainian hryvnia in 2015 Reverse.jpg Crimson Ivan Mazepa (1639–1709), Hetman of Ukraine The Holy Dormition Cathedral of the Kyiv Pechersk Lavra 1 November 2004
₴20
130 × 69 mm
20 Ukrainian hryvnia in 2018 Obverse.jpg 20 Ukrainian hryvnia in 2018 Reverse.jpg Green Ivan Franko (1856–1916), writer and politician Lviv Theatre of Opera and Ballet 25 September 2018Current
₴50
136 × 72 mm
50-uah-2019-1.png 50-uah-2019-2.png 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
100 Ukrainian hryvnia in 2014 Obverse.jpg 100 Ukrainian hryvnia in 2014 Reverse.jpg Olive Taras Shevchenko (1814–1861), poet and artist Taras Shevchenko National University of Kyiv 9 March 2015
₴200
148 × 75 mm
200-uah-2020-1.png 200-uah-2020-2.png Pink Lesya Ukrainka (1871–1913), poet and writerEntrance Tower of Lutsk Castle 25 February 2020
₴500
154 × 75 mm
500 Ukrainian hryvnia in 2015 Obverse.jpg 500 Ukrainian hryvnia in 2015 Reverse.jpg Brown Hryhorii Skovoroda (1722–1794), philosopher and poet National University of Kyiv-Mohyla Academy 11 April 2016
₴1,000
160 × 75 mm
1000 hryvnia 2019 front.png 1000 griven' 2019 revers.jpg Blue Volodymyr Vernadskyi (1863–1945), historian, philosopher, naturalist and scientist National Academy of Sciences of Ukraine 25 October 2019
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

Official NBU exchange rate at moment of introduction was UAH 1.76 per 1 US 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 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]

US dollar exchange rate to UAH.png
Euro exchange rate to UAH.png
Hryvnia exchange rate to US dollar (from 1996) and Euro (from 1999)
Year USD EUR RUB CHF BTC
20005.33454.94153.2246
20015.41254.48603.1871
20025.33045.00233.4288
20035.33186.19803.9614
20045.30726.93950.19864.2818
20055.27996.13120.18054.1275
20065.05006.36200.18434.0278
20075.05007.00100.19434.2116
20086.87778.98790.24334.8609
20097.703811.20460.26197.19500.0000
20107.935610.53290.26107.62613.2992
20117.993011.09210.27209.0141105.3409
20127.988010.27060.25708.520838.6018
20137.993010.61220.25108.62331,573.15
201412.296715.71590.311012.95015,428.19
201521.575124.22870.362022.69737,956.56
201625.286028.29190.383025.954613,427.58
201727.119430.00420.456026.9990115,302.94
201827.455032.14290.436027.8305219,979.42
201924.455828.95180.399026.0025189,893.73
202025.455530.79000.374028.7600313,830.20
202127.723532.31000.370029.86001,304,733.15
202234.588635.92100.447635.5610815,943.77
202336.413638.32630.405440.14781,052,340.81
202438.310941.54760.418943.60311,818,454.39
Current UAH exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

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References

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Bibliography

Preceded by:
Various
Currency of Kievan Rus'
11th century 15th century
Succeeded by:
Various
Preceded by:
Ukrainian karbovanets
Currency of Ukrainian People's Republic
1 March 1918 April 1918
Succeeded by:
Ukrainian karbovanets
Reason: coup d'état
(on 29 April 1918)
Preceded by:
Ukrainian karbovanets
Reason: coup d'état
(on 14 December 1918)
Currency of Ukrainian People's Republic
December 1918 November 1920
Succeeded by:
Soviet karbovanets
Reason: Soviet reintegration
Preceded by:
Ukrainian karbovanets
Reason: inflation
(on 2 September 1996)

Ratio: 1 hryvnia = 100,000 karbovanets
Currency of Ukraine
2 September 1996
Succeeded by:
Current