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The , , or sometimes ( ; uk, гривня , : ''hrn'';
sign A sign is an object Object may refer to: General meanings * Object (philosophy), a thing, being, or concept ** Entity, something that is tangible and within the grasp of the senses ** Object (abstract), an object which does not exist at ...

sign
: ₴;
code In communication Communication (from Latin Latin (, or , ) is a classical language A classical language is a language A language is a structured system of communication Communication (from Latin ''communicare'', mean ...
: UAH), has been the national
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" in the most specific sense is money Money is any item or verifiable record that is generally accepted as payment for goods and services ...

currency
of
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in . It is the in Europe after , which it borders to the east and north-east. Ukraine also shares borders with to the north; , , and to the west; and to the south; and has a coastli ...

Ukraine
since 2 September 1996. The hryvnia is subdivided into 100 . It is named after
a measure of weight
a measure of weight
used in medieval
Kyivan Rus' Kievan Rus' or Kyivan Rus' ( orv, Роусь, Rusĭ, or , , "Rus' land") was a loose federationJohn Channon & Robert Hudson, ''Penguin Historical Atlas of Russia'' (Penguin, 1995), p.16. of East Slavs, East Slavic and Finno-Ugric peoples, Finno- ...
.


Name


Etymology

The
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" in the most specific sense is money Money is any item or verifiable record that is generally accepted as payment for goods and services ...

currency
of Kyivan Rus’ in the eleventh century was called ''grivna''. The word is thought to derive from the
Slavic
Slavic
''griva''; c.f.
Ukrainian Ukrainian may refer to: * Something of, from, or related to Ukraine * Something relating to Ukrainians an East Slavic people from Eastern Europe * Something relating to Demographics of Ukraine, in terms of demography: population of Ukraine * Somethi ...
, Russian,
Bulgarian Bulgarian may refer to: * Something of, from, or related to the country of Bulgaria * Bulgarians, a South Slavic ethnic group * Bulgarian language, a Slavic language * Bulgarian alphabet * A citizen of Bulgaria, see Demographics of Bulgaria * Bulg ...

Bulgarian
, and
Serbo-Croatian Serbo-Croatian () – also called Serbo-Croat (), Serbo-Croat-Bosnian (SCB), Bosnian-Croatian-Serbian (BCS), and Bosnian-Croatian-Montenegrin-Serbian (BCMS) – is a South Slavic language The South Slavic languages are one of three branche ...
''грива / griva'', meaning "mane". It might have indicated something valuable worn around the neck, usually made of
silver Silver is a chemical element In chemistry, an element is a pure Chemical substance, substance consisting only of atoms that all have the same numbers of protons in their atomic nucleus, nuclei. Unlike chemical compounds, chemical ele ...

silver
or
gold Gold is a chemical element In chemistry, an element is a pure Chemical substance, substance consisting only of atoms that all have the same numbers of protons in their atomic nucleus, nuclei. Unlike chemical compounds, chemical elemen ...

gold
; c.f. Bulgarian and Serbian ''grivna'' (гривна, "bracelet"). Later, the word was used to describe silver or gold ingots of a certain weight; c.f.
Ukrainian Ukrainian may refer to: * Something of, from, or related to Ukraine * Something relating to Ukrainians an East Slavic people from Eastern Europe * Something relating to Demographics of Ukraine, in terms of demography: population of Ukraine * Somethi ...
''hryvenyk'' (гривеник), Russian ''grivennik'' (гривенник, "10-kopek piece"). The modern Ukrainian hryvnia is sometimes
transliterated Transliteration is a type of conversion of a text from one script Script may refer to: Writing systems * Script, a distinctive writing system, based on a repertoire of specific elements or symbols, or that repertoire * Script (styles of ha ...

transliterated
as ''hryvna'', ''hrivna'', ''gryvna'' or ''grivna'', due to its
Russian language Russian (, tr. ''russkiy yazyk'') is an East Slavic language The East Slavic languages constitute one of the three regional subgroups of Slavic languages The Slavic languages, also known as the Slavonic languages, are Indo-European lang ...
counterpart, гри́вна, pronounced ''grívna''. However, the standard English name for the currency is ''hryvnia''. The
National Bank of Ukraine National Bank of Ukraine ( uk, Національний банк України) or NBU ( uk, НБУ) is the central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a ...

National Bank of Ukraine
has recommended that a distinction be made between ''hryvnia'' and ''grívna'' in both historical and practical usages.


Plural

The
nominative In grammar In linguistics Linguistics is the scientific study of language, meaning that it is a comprehensive, systematic, objective, and precise study of language. Linguistics encompasses the analysis of every aspect of language, as ...
plural of hryvnia is ''hryvni'' ( uk, гривні), while the
genitive In grammar In linguistics Linguistics is the scientific study of language, meaning that it is a comprehensive, systematic, objective, and precise study of language. Linguistics encompasses the analysis of every aspect of language, a ...
plural is ''hryven’'' ( uk, гривень). In Ukrainian, the nominative plural form eress 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 ''dvadciat’ 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'').


Currency sign

The hryvnia sign is a
cursive Cursive (also known as script, among other names) is any style of penmanship Penmanship is the technique of writing Writing is a medium of human communication that involves the representation of a language with written symbols. Writi ...

cursive
Ukrainian letter He (''г''), with a double horizontal stroke (₴), symbolizing stability, similar to that used in other currency symbols such as the
Yen The is the official currency of Japan. It is the third most traded currency in the foreign exchange market, after the United States dollar and the Euro. It is also widely used as a third reserve currency after the United States dollar and the ...
(¥),
Euro The euro (currency symbol, symbol: euro sign, €; ISO 4217, code: EUR) is the official currency of 19 of the Member state of the European Union, member states of the European Union. This group of states is known as the eurozone or euro area ...

Euro
(€),
Indian Rupee The Indian rupee (symbol A symbol is a mark, sign, or that indicates, signifies, or is understood as representing an , , or . Symbols allow people to go beyond what is n or seen by creating linkages between otherwise very different s a ...
(₹), and
Chinese Yuan The renminbi (: RMB; ; : 元/¥; : CNY) is the official of the and one of the world's , ranking as the eighth as of April 2019. The () is the basic unit of the renminbi, but the word is also used to refer to the Chinese currency generall ...
(¥ shares symbol with yen). The sign was encoded as U+20B4 in
Unicode Unicode, formally the Unicode Standard, is an information technology Technical standard, standard for the consistent character encoding, encoding, representation, and handling of Character (computing), text expressed in most of the world's wri ...

Unicode
4.1 and released in 2005. It is now supported by most systems. In Ukraine, if the hryvnia sign is unavailable, the Cyrillic abbreviation "грн" is used.


History

A currency called was used in Kievan Rus'. In 1917, after the
Ukrainian National Republic The Ukrainian People's Republic (UPR), or Ukrainian National Republic (UNR), was Ukraine after the Russian Revolution, declared in Ukraine following the February Revolution in Russia. It initially formed part of the Russian Republic, and procla ...
declared independence from the
Russian Empire The Russian Empire, . commonly referred to as Imperial Russia, was a historical empire that extended across Eurasia and North America from 1721, succeeding the Tsardom of Russia following the Treaty of Nystad that ended the Great Northern War. ...
, the name of the new Ukrainian
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" in the most specific sense is money Money is any item or verifiable record that is generally accepted as payment for goods and services ...

currency
became ''hryvnia'', a revised version of the Kyivan Rus' ''hryvna''. The designer was
Heorhiy Narbut
Heorhiy Narbut
. The hryvnia replaced the karbovanets during the period 2–16 September 1996, at a rate of 1 hryvnia to 100,000 karbovantsiv. The karbovanets was subject to
hyperinflation In economics Economics () is a social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the science of pl ...

hyperinflation
in the early 1990s following the
collapse of the USSR The dissolution of the Soviet Union, also negatively connoted as rus, Разва́л Сове́тского Сою́за, r=Razvál Sovétskovo Sojúza, ''Ruining of the Soviet Union''. (1988–1991) was the process of internal disintegration ...
. To a large extent, the introduction of the hryvnia was secretive. The hryvnia was introduced according to a
Presidential President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese full- ...
Decree dated 26 August 1996 that was published on August 29. During the transition period, 2–16 September, both hryvnias and karbovanets were used, but merchants were required to give change only in hryvnias. All bank accounts were converted to hryvnias automatically. During the transition period, 97% of karbovanets were taken out of circulation, including 56% in the first five days of the currency reform. After 16 September 1996, the remaining karbovanets could be exchanged for hryvnias in banks. The hryvnia was introduced during the period when
Viktor Yushchenko Viktor Andriyovych Yushchenko ( uk, Віктор Андрійович Ющенко, ; born 23 February 1954) is a Ukrainian politician who was the third President of Ukraine from 23 January 2005 to 25 February 2010. As an informal leader of the ...
was the chairman of
National Bank of Ukraine National Bank of Ukraine ( uk, Національний банк України) or NBU ( uk, НБУ) is the central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a ...

National Bank of Ukraine
. However, the first banknotes issued bore the signature of the previous National Bank chairman,
Vadym Hetman Vadym Petrovych Hetman ( uk, Вадим Петрович Гетьман; July 12, 1935 – April 22, 1998) was a Ukraine, Ukrainian statesman and banker. He is credited with the creation of the central bank of the country, the National Bank of Ukr ...
, who resigned in 1993, because the first notes had been printed as early as 1992 by the
Canadian Bank Note Company The Canadian Bank Note Company (CBNC) is a Canadian Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these ...
, but it was decided to delay their circulation until the
hyperinflation In economics Economics () is a social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the science of pl ...

hyperinflation
in Ukraine was brought under control. On 18 March 2014, following its annexation by Russia, the new
Republic of Crimea The Republic of Crimea (, , ), translit. Transliteration is a type of conversion of a text from one script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') ...
announced that the hryvnia was to be dropped as the region's currency in April 2014. The
Russian ruble The Russian ruble or rouble (russian: wikt:рубль, рубль ''rublʹ''; Currency symbol, symbol: ₽, руб; ISO 4217, code: RUB) is the currency of the Russia, Russian Federation, the two partially recognised republics of Abkhazia and Sout ...
became the "official" currency in annexed Crimea on 21 March 2014. Until 1 June 2014, the hryvnia could also be used for cash payments only.Crimea enters the rouble zone
,
ITAR-TASS The Russian News Agency TASS (russian: Информацио́нное аге́нтство Росси́и ТАСС, translit=Informatsionnoye agentstvo Rossii TASS), abbreviated TASS (russian: ТАСС, label=none), is a major Russian news age ...
(1 June 2014)
By contrast, the hryvnia remains the predominant currency in the conflicted
raion A raion (also rayon) is a type of administrative unit of several post-Soviet states (such as part of an oblast). The term is from the French "''rayon''" (meaning "honeycomb, department"), which is both a type of a subnational entity Adminis ...
s of
Donbas The Donbas or Donbass (, ; uk, Донба́с ; russian: Донба́сс) is a historical, cultural, and economic region in south-eastern Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in . It is the in Europe afte ...
, i. e. in the secessionist areas of
Donetsk Donetsk ( , ; uk, Донецьк, translit=Donećk , russian: Донецк ), formerly known as Aleksandrovka, Yuzivka (or Hughesovka), Stalin and Stalino (see also: Names of European cities in different languages (C–D), cities' alternativ ...

Donetsk
and
Luhansk Luhansk,(, ; uk, Луганськ, Luhans'k, , , ; russian: Луганск, Lugansk, ), also known as Lugansk and formerly known as Voroshilovgrad (1935–1958 and 1970–1990), is a city in eastern Ukraine, near the border with Russia in the ...
.


Coins

No coins were issued for the first hryvnia. Coins were first struck in 1992 for the new currency but were not introduced until September 1996. Initially coins valued between 1 and 50 kopiyky were issued. In March 1997, 1 hryvnia coins were added. Since 2004 several commemorative 1 hryvnia 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. The coins had become too expensive to produce compared to their nominal value. 1- and 2-kopiyky coins were not produced after 2013, but remained in circulation until 1 October 2019. Also, on 26 October 2012, the National Bank of Ukraine announced it was considering the introduction of a 2-hryvnia coin. As of 1 July 2016, officially 12.4 billion coins with a face value of 1.4 billion UAH were in circulation. On 1 October 2019, 1, 2 and 5 kopiyky coins ceased to be legal tender. They can be still changed at banks, but bills have to be rounded to the next 0.10-step.


Banknotes

In 1996, the first series of hryvnia banknotes was introduced into circulation by the
National Bank of Ukraine National Bank of Ukraine ( uk, Національний банк України) or NBU ( uk, НБУ) is the central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a ...

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. The one hryvnia banknotes were printed by the
Canadian Bank Note Company The Canadian Bank Note Company (CBNC) is a Canadian Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these ...
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 De La Rue plc (, ) is a British company headquartered in Basingstoke Basingstoke ( ) is the largest town in the county of Hampshire Hampshire (, ; abbreviated to Hants) is a county A county is a geographical region of a countr ...
. 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. As with the U.S. dollar, the 1 hryvnia bill is commonly used, and the 1 hryvnia coin is rarely seen. The 100 hryvnia denomination is quite common due to its moderately high value. Also common is the 200 hryvnia, as most Ukrainian ATMs dispense currency in this denomination. In 2016, the NBU paper factory started producing banknote paper using flax instead of cotton. In 2019, the National Bank of Ukraine introduced a 1,000 hryvnia banknote and was issued into circulation on 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.


Current series


Exchange rates

Official exchange rate at moment of introduction was UAH 1.76 per 1
US dollar The United States dollar (symbol A symbol is a mark, sign, or that indicates, signifies, or is understood as representing an , , or . Symbols allow people to go beyond what is n or seen by creating linkages between otherwise very diffe ...
. Following the
Asian financial crisis The Asian financial crisis was a period of financial crisis that gripped much of East Asia East Asia is the eastern region of Asia Asia () is Earth's largest and most populous continent, located primarily in the Eastern Hemisphere, ...
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 Global means of or referring to a globe A globe is a spherical physical model, model of Earth, of some other astronomical object, celestial body, or of the celestial sphere. Globes serve purposes similar to some maps, but unlike maps, do not dis ...
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.National Bank of Ukraine
, historical exchange rates
After a period of instability, a new peg of 8 hryvnias per US dollar was established, and remained for several years. In 2012, the peg was changed to a managed float (much like that of the
Chinese yuan The renminbi (: RMB; ; : 元/¥; : CNY) is the official of the and one of the world's , ranking as the eighth as of April 2019. The () is the basic unit of the renminbi, but the word is also used to refer to the Chinese currency generall ...
) as the euro and other European countries' currencies weakened against the dollar due to the
European debt crisis The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis Debt crisis is a situation in which a government (nation, state/province, county, or city etc.) loses th ...
, and the value in mid-2012 was about ₴8.14 per dollar. 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 The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monu ...

IMF
requirements and to try to enforce a stable price for the currency in the
Forex market The foreign exchange market (Forex, FX, or currency market) is a global decentralization, decentralized or Over-the-counter (finance), over-the-counter (OTC) market for the trading of currency, currencies. This market determines Exchange rate ...
. 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 on February 2015. On 31 July 2019, the hryvnia to U.S. dollar exchange rate in the interbank foreign exchange market strengthened to ₴24.98 — highest level in 3 years.US dollar in Ukraine costs less than Hr 25 for the first time in 3 years
''
Kyiv Post The ''Kyiv Post'' is Ukraine's oldest English-language newspaper. On 8 November 2021, the newspaper was temporarily shut down after the editorial staff's disagreement with planned changes to the outlet led to the owner firing all reporters. On 11 ...
'', July 31 2019


See also

* Economy of Ukraine * List of commemorative coins of Ukraine * List of currencies in Europe *
Hryvnia The hryvnia, hryvna, or sometimes hryvnya ( ; uk, гривня , : ''hrn''; sign A sign is an object, quality, event, or entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign ...

Hryvnia
* Grzywna (unit)


References


Bibliography

* *


External links


History of HryvniaNational Bank of Ukraine announcement of Hryvnia Sign

Proposed symbols for hryvnia during design competition

Detailed Catalog of Ukrainian paper money
Odessa Numismatics Museum



{{DEFAULTSORT:Ukrainian Hryvnia Economic history of Ukraine Kievan Rus society Circulating currencies Currency symbols Currencies of Ukraine Currencies introduced in 1996 Ukrainian words and phrases