Ukrainian hryvnia

Ukrainian hryvnia
Currency name in local	гривня
Image title 1	Hryvnia banknotes and coins
Iso code	UAH
Iso number	980
Date of introduction	2 September 1996
Inflation rate	3.2% (March 2024)
Inflation source date	National Bank of Ukraine
Subunit ratio 1	1/100
Subunit name 1	kopiyka
Plural	hryvni
Plural subunit 1	kopiyky
Symbol subunit 1	коп.
Frequently used coins	1, 2, 5, 10 hryvnias
Rarely used coins	1, 2, 5, 10, 25, 50 kopiyky
Frequently used banknotes	20, 50, 100, 200, 500, 1000 hryvnias
Issuing authority	National Bank of Ukraine
Issuing authority website	www.bank.gov.ua
Mint	Banknote Printing and Minting Works of the National Bank of Ukraine

Ukrainian hryvnia. The hryvnia is the official currency of Ukraine, issued and regulated by the National Bank of Ukraine. Its name is derived from a medieval Kievan Rus' monetary and weight unit, and it replaced the temporary karbovanets in 1996. The currency is subdivided into 100 kopiyky and its symbol, ₴, is a stylized version of the Cyrillic letter "г" with a double horizontal stroke.

History

The modern hryvnia was introduced on 2 September 1996, by a decree of Leonid Kuchma, replacing the interim karbovanets at a rate of 100,000 karbovantsiv to one hryvnia. This reform was a critical step in stabilizing the post-Soviet economy following the dissolution of the Soviet Union. The currency's name revives that of a historic unit used in Kievan Rus', and earlier designs in the 1917-1920 period featured prominent figures like Taras Shevchenko. The National Bank of Ukraine, established in 1991, has managed the currency through periods of significant challenge, including the 2008 financial crisis, the Russo-Ukrainian War beginning in 2014, and the 2022 Russian invasion of Ukraine, which has placed immense pressure on its stability and value.

Coins

Coins are minted at the Banknote Printing and Minting Works of the National Bank of Ukraine and come in denominations of 1, 2, 5, 10, 25, and 50 kopiyky, and 1, 2, 5, 10, and 20 hryvnias. The initial 1992 series, which never entered circulation, featured the trident from the Coat of arms of Ukraine. The smaller kopiyka coins are rarely used in daily commerce due to low purchasing power. Higher-value circulating coins, such as the 1 hryvnia, often depict Volodymyr the Great, while the 10 hryvnia coin commemorates Ivan Mazepa. The materials have evolved from aluminum and brass-plated steel to more durable nickel-plated steel and Nordic gold.

Banknotes

Banknotes are printed by the Banknote Printing and Minting Works of the National Bank of Ukraine and currently circulate in denominations of 20, 50, 100, 200, 500, and 1000 hryvnias. The designs feature important historical and cultural figures from Ukraine; for instance, the 100 hryvnia note depicts Taras Shevchenko, while the 200 hryvnia note features Lesya Ukrainka. Earlier series, like the 2003-2007 issues, included portraits of Yaroslav the Wise and Ivan Franko. The National Bank of Ukraine has introduced new series over time, such as the 2014-2020 "Heroes of the Revolution of Dignity" 100 hryvnia note and the 2022 20 hryvnia note honoring Mykola Mikhnovsky.

Exchange rates and value

The hryvnia operates under a managed floating exchange rate regime as determined by the National Bank of Ukraine. Following its introduction, it was pegged to the United States dollar but was floated in the 2000s. The currency experienced severe devaluation during the 2014 pro-Russian unrest in Ukraine and the onset of the War in Donbas, and again following the 2022 Russian invasion of Ukraine. Key exchange rates are set against major currencies like the US dollar, the euro, and the Polish złoty. The International Monetary Fund has provided financial support packages that have included conditions aimed at stabilizing the Ukrainian economy and the hryvnia.

Security features

Modern hryvnia banknotes incorporate advanced security features to prevent counterfeiting. These include a holographic stripe, watermark portraits that match the main design, security threads with microtext, and color-shifting ink on higher denominations. The National Bank of Ukraine collaborates with international security printing firms and uses specialized substrates. Features like latent images, see-through registration devices, and ultraviolet fluorescence are standard. The 1000 hryvnia note, for example, includes a motion thread and raised printing for the visually impaired.

Commemorative issues

The National Bank of Ukraine regularly issues commemorative coins and banknotes to mark significant historical, cultural, and sporting events. These non-circulating legal tender pieces honor anniversaries such as the Independence Day of Ukraine, figures like Hryhorii Skovoroda, and events like the Euro 2012 football championship hosted by Ukraine and Poland. Commemorative banknotes, like the 2021 1000 hryvnia note for the 30th anniversary of Ukrainian independence, feature unique designs and enhanced security. Such issues are popular with numismatists and are often produced from precious metals like silver and gold.

Category:Currencies of Ukraine Category:Economy of Ukraine