BANKNOTES OF THE UKRAINE
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The history of the currency of the
Following Ukrainian independence in 1991, the Ukrainian karbovanets replaced the Soviet ruble at par in 1992, with the ISO 4217 code being UAK. The karbovanets suffered from very high inflation and was replaced by the hryvnia in 1996, at a rate of 100,000 karbovantsi = 1 hryvnia. When the hryvnia was introduced in 1996, a 15 day exchange period was in effect from September 2-16, 1996, during which both the karbovanets and hryvnia were in circulation. The use of the karbovanets for all kinds of payments stopped completely after September 1996 and the only accepted currency after was the hryvnia.
The hryvnia or Ukrainian: гривня, has been
the national currency of Ukraine since 1996, one hryvnia is divided into 100
kopiykas (singular копійка, plural копійок (kopiyok)).
Prices in the Ukraine are commonly written using the hryvnia sign, which looks like a backwards S with two horizontal bars through it. Not much thought seems to have been given to that fact that most computers cannot render the hryvnia sign properly. Sometimes the currency is abbreviated using "грн", the Ukrainian letters HRN. The hryvnia's ISO 4217 currency code is UAH.
Coins are currently issued in denominations
of 1, 2, 5, 10, 20, 50 kopiyok and 1 hryvnia. Banknotes come in denominations of
1, 2, 5, 10, 20, 50, 100, 200 and 500 hryven. All Hryven banknotes issued since
1992 remain legal tender although the National Bank of the Ukraine is gradually
withdrawing from circulation all banknotes from the first series dated in 1992.
Old banknotes issued in karbovanets are no loger redeemable, their only value is
From 1920-1942 and from 1945-1991, the Ukraine used the banknotes and coins of the Soviet Union.
Click here to see the notes of the former Soviet Union
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Page created: 13 December 2006
Last Update: 13 December 2006
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