Ukrainian hryvnia

Ukrainian hryvnia
українська гривня (Ukrainian)
100 hryven' (гривень) 1 hryvnia (гривня)
ISO 4217 Code	UAH
User(s)	Ukraine
Inflation	22% (2008 est.)
Source	Kyiv Post, 11 January 2009
Subunit
1/100	kopiyka (копійка)
Symbol	₴
Plural	hryvni (гривні, nom. pl., from 2 to 4), and hryven’ (гривень, gen. pl. above 5)
kopiyka (копійка)	kopiyky (копійки, nom. pl., from 2 to 4), kopiyok (копійок, gen. pl. above 5)
Coins	1, 2, 5, 10, 25, 50 kopiyok, 1 hryvnia
Banknotes	1, 2, 5, 10, 20, 50, 100, 200, 500 hryven'
Central bank	National Bank of Ukraine
Website	www.bank.gov.ua

The hryvnia, sometimes hryvnya (Ukrainian: гривня, pronounced [ˈɦrɪu̯nʲɑ]); sign: ₴, code: UAH), has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok.

Name

Etymology

The currency of Kievan Rus' in the eleventh century was called grivna. The word is thought to derive from the Slavic griva; c.f. Ukrainian, Russian, Bulgarian and Serbian грива / griva, meaning "mane". It may have indicated something valuable worn around the neck, usually made of silver or 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 hryvenyk (гривеник), Russian grivennik (гривенник, "10-kopek piece"). Other smaller currency units were nogata (ногата, pelt of a large animal such as a bear or а wolf), kuna (куна, pelt of a small animal such as a mink or а sable; c.f. Croatian kuna). The smallest unit was veksha (векша, squirrel pelt).

The modern Ukrainian hryvnia is sometimes transliterated as hryvna, hrivna, gryvna or grivna, due to its Russian language counterpart, гри́вна, pronounced grívna. However, the standard English name for the currency is hryvnia.^[1]

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

Plural

The nominative plural of hryvnia is hryvni (Ukrainian: гривні). This is also the genitive singular of hryvnia, while the genitive plural is hryven′ (Ukrainian: гривень). In Ukrainian, the genitive singular 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"). 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 Ukrainian letter He (г), with a double horizontal stroke, symbolizing stability, similar to that used in other currency symbols such as ¥ or €.

History

500 and 100 hryvnia banknotes of 1918 independent Ukraine

A currency called hryvna was used in Kievan Rus'. In 1917, after the Ukrainian National Republic declared independence from the Russian Empire, the name of the new Ukrainian currency became hryvnia, a revised version of the Kievan Rus' hryvna. The designer was Heorhiy Narbut.

The hryvnia replaced the karbovanets during the period September 2-16, 1996, at a rate of 1 hryvnia = 100,000 karbovantsiv. The karbovanets was subject to hyperinflation in the early 1990s following the collapse of the USSR.

To a large extent, the introduction of hryvnia was secretive.^[2] Hryvnia was introduced according to President's Decree dated August 26, 1996, published on August 29. During the transition period, September 2-16, both hryvnia and karbovanets were used in circulation, but merchants were required to give change only in hryvnias. All bank accounts were converted to hryvnia automatically. During the transition period, 97% of karbovanets were taken out of circulation, including 56% in the first 5 days of the currency reform.^[2] After September 16, 1996, the remaining karbovanets were allowed to be exchanged to hryvnias in banks.

The hryvnia was introduced during the period when Victor Yushchenko was the Chairman of National Bank of Ukraine. However, the first banknotes issued bore the signature of the previous National Bank Chairman, Vadym Hetman, who had resigned back in 1993. This was so because the first notes had been printed as early as 1992 by the Canadian Bank Note Company, but it had been decided to delay their circulation until the hyperinflation in Ukraine was brought under control.

Initially, the foreign exchange rate was UAH 1.76 = USD 1.00. Following the Asian financial crisis in 1998 the currency devaluated 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 with the hryvnia dropping 38.4 % from UAH 4.85 for USD 1 on 23 September 2008 to UAH 7.88 for USD 1 on 19 December 2008.^[3]

Coins

Coins were first struck in 1992 for the new currency but were not introduced until 1996. The coins were initially produced by Luhansk Cartridge Factory.^[4], as well as by Italian Mint.^[5] In addition to those listed below which were released into circulation, 15 kopiyok coins were struck in both brass and aluminium.

Currently Circulating Coins [1]
Image		Value	Technical parameters				Description			Date of first minting
Reverse	Obverse		Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse
		1 kopiyka	16 mm	1.2 mm	1.5 g	Stainless steel	Plain	Ukrainian Trident	Value	1992
		2 kopiyky	17.3 mm	1.2 mm	0.64 or 1.8 g	Aluminium (1992-1996) and stainless steel (2001-)
		5 kopiyok	24 mm	1.5 mm	4.3 g	Stainless steel	Reeded
		10 kopiyok	16.3 mm	1.25 mm	1.7 g	Brass (1992-1996) and aluminium bronze (2001-)	Reeded	Ukrainian Trident	Value	1992
		25 kopiyok	20.8 mm	1.35 mm	2.9 g		Reeded and plain sectors
		50 kopiyok	23 mm	1.55 mm	4.2 g
		1 hryvnia	26 mm	1.85 mm	7.1 or 6.9 g		Inscription: "ОДНА ГРИВНЯ", minted year
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 hryven’. The design of the banknotes was developed by Ukrainian artists Vasyl Lopata and Borys Maksymov.^[4][6] One hryvnya banknotes were printed by the Canadian Bank Note Company in 1992. Two, five and ten hryvnya banknotes were printed two years later. Until introduction into circulation the banknotes were kept in Canada.^[4]

Banknotes of the first series in denominations of 50 and 100 hryven' also existed but due to some reasons they were never introduced.

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 British De La Rue.^[5] 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.^[5]

Later, highest 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.

All hryvnia banknotes issued by the National Bank continue to be a legal tender. As of 2008, the banknotes of early series can rarely be found in circulation.

First Series [2]
Image		Value	Dimensions	Main Colour	Description		Date of
Obverse	Reverse				Obverse	Reverse	first printing	issue
		1 hryvnia	135 х 70 mm	Dark green	Vladimir I of Kiev	Ruins of Chersonesos	1992	September 2, 1996
		2 hryvni		Brown	Yaroslav the Wise	Saint Sophia Cathedral in Kiev
		5 hryven'		Dark blue	Bohdan Khmelnytsky	A church in the village of Subotiv
		10 hryven'		Violet	Ivan Mazepa	Kiev Pechersk Lavra
		20 hryven'		Yellow and brown	Ivan Franko	Lviv Opera and Ballet Theater
These images are to scale at 0.7 pixels per millimetre. For table standards, see the banknote specification table.

Second Series [3]
Image		Value	Dimensions	Main Colour	Description		Date of
Obverse	Reverse				Obverse	Reverse	first printing	issue
		1 hryvnia	133 × 66 mm	Green and brown	Vladimir I of Kiev	Ruins of Chersonesos	1994	September 2, 1996
		2 hryvni		Brown	Yaroslav the Wise	The Saint Sophia Cathedral in Kiev	1995	September 1, 1997
		5 hryven'		Blue	Bohdan Khmelnytsky	A church in the selo (village) of Subotiv.	1994
		10 hryven'		Brown and yellow	Ivan Mazepa	The Holy Dormition Cathedral of the Kiev Pechersk Lavra
		20 hryven'		Brown and green	Ivan Franko	The Lviv Opera Theater	1995
		50 hryven'		Yellow and violet	Mykhailo Hrushevsky	The building of the Verkhovna Rada	Not indicated on the banknotes	September 2, 1996
		100 hryven'		Rose and green	Taras Shevchenko (old portrait)	The Saint Sophia Cathedral in Kiev
		200 hryven'		Blue	Lesya Ukrainka	The Entrance Tower of Lutsk Castle		August 22, 2001
These images are to scale at 0.7 pixels per millimetre. For table standards, see the banknote specification table.

Third Series [4]
Image		Value	Dimensions	Main Colour	Description		Date of
Obverse	Reverse				Obverse	Reverse	first printing	issue
		1 hryvnia	118 × 63 mm	Grey	Vladimir I of Kiev	The fortress wall of Vladimir I in Kiev	2004	December 1, 2004
		1 hryvnia		Yellow-blue			2006	May 22, 2006
		2 hryvni		Brown	Yaroslav the Wise	The Saint Sophia Cathedral in Kiev.	2004	September 28, 2004
		5 hryven'		Blue	Bohdan Khmelnytsky	A church in the selo (village) of Subotiv.		June 14, 2004
		10 hryven'	124 × 66 mm	Crimson	Ivan Mazepa	The Holy Dormition Cathedral of the Kiev Pechersk Lavra		November 1, 2004
		20 hryven'	130 × 69 mm	Green	Ivan Franko	The Lviv Opera Theater	2003	December 1, 2003
		50 hryven'	136 × 72 mm	Violet	Mykhailo Hrushevsky	The building of the Tsentralna Rada	2004	March 29, 2004
		100 hryven'	142 × 75mm	Olive	Taras Shevchenko (young portrait)	The Chernecha landscape near Cherkasy and the figures of a kobzar and a guide boy	2005	February 20, 2006
		200 hryven'	148 × 75mm	Pink	Lesya Ukrainka	The Entrance Tower of Lutsk Castle	2007	May 28, 2007
		500 hryven'	154 × 75mm	Beige	Hryhoriy Skovoroda	The building of Kyiv Mohyla Academy	2006	September 15, 2006
These images are to scale at 0.7 pixels per millimetre. For table standards, see the banknote specification table.

A commemorative 1 hryvnia coin to biathlon of the 1998 Winter Olympics, held in Nagano, Japan.

Exchange rates

Official NBU exchange rate at moment of introduction UAH 1.76/USD 1.

In the period from 21 April 2005 through 21 October 2008 the official exchange rate remained stable at around UAH 5/USD 1. Since then, the hryvnia abruptly lost one-third of its value, dropping to around UAH 7.5/USD 1 by mid-December 2008.^[3] The hryvnia remained relatively stable through most of the first half of 2009, being valued at roughly 7.5-8 UAH/USD 1 over this period.^[7] However, the hryvnia began a gradual depreciation in the 3rd quarter of 2009 to reach just under 9 UAH/USD by September, although this was followed by a quick appreciation to around 8.25 UAH/USD by the start of October.^[8] Through the 4th quarter of 2009 and the start of 2010, the value of the hryvnia has held relatively steady at approximately 8.0-8.25 UAH/USD.^[9]

Exchange rates in Ukrainian cash currency exchangers USD/UAH  EUR/UAH  RUB/UAH

"Official exchange rate". National Bank of Ukraine. http://www.bank.gov.ua/kurs/engl/last_kurs1.htm. 

"Historical exchange rates". National Bank of Ukraine. http://www.bank.gov.ua/Fin_ryn/OF_KURS/Currency/SearchPeriod.aspx. 

See also

• Economy of Ukraine
• List of commemorative coins of Ukraine

References

External links

• History of Hryvnia
• National Bank of Ukraine announcement of Hryvnia Sign (Ukrainian)
• Proposed symbols for hryvnia during design competition (Ukrainian)
• Pictures of hryvnia bills introduced in 1997
• The first Ukrainian Money (1917-1922) Odessa Numismatics Museum
• Ukraine monetary reform. Numismatics (Russian)
• Ukrainian hryvnia coins catalog information

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