The currency of Ukraine was the Hryvnia, also called the Ukrainian Hryvnia; its ISO code is UAH. Hryvnia has been the currency of Ukraine since September 2, 1996; designed by Heorhiy Narbut. It is subdivided into 100 kopiyok. The word hryvnia or grivna is derived from the term the Slavic griva; a word meaning ‘mane’, also indicating a valuable ornament worn around the neck, usually made of expensive metals like silver and gold. The sign of the Hryvnia is a cursive Ukranian letter ‘He’, with a double horizontal stroke that symbolizes stability, as in many other currencies. Coins and bank notes were introduced into circulation by the National Bank of Ukraine in 1996.

In 1971, when Ukrainian National Republic gained independence from the Russian Empire, the name of their new currency was coined hryvnia. During a period of transition in Ukraine, in 1996, the currency Karbovanets was taken out of circulation and hryvnia replaced it; all bank accounts were converted to hryvnia, merchants were required to give change in hryvnia. The first notes were printed as early as 1992, but started circulating in 1996; the delay the circulation was until the hyperinflation in Ukraine could be controlled. Following the year 2008, the currency majorly devalued; even then the kopeck coins still remain circulated, despite the devaluation of the currency.

April 9, 2011 | Afifa Gillani | No Comments | 373 views