Ukrainian hryvnia

Ukrainian hryvnia

українська гривня Template:Uk icon
File:1-hryvnia-Ukraine.JPG 100 hryven' (гривень) 1 hryvnia (гривня)
ISO 4217
Code	UAH (numeric: 980)
Subunit	0.01
Unit
Plural	hryvni (гривні, nom. pl., after numbers ending with 2,3,4, but not with 12,13,14), and hryven’ (гривень, gen. pl., after other numbers)
Symbol	₴‎
Denominations
Subunit
1/100	kopiyka (копійка)
Plural
kopiyka (копійка)	kopiyky (копійки, nom. pl., after numbers ending with 2,3,4, but not with 12,13,14), kopiyok (копійок, gen. pl. after other numbers)
Banknotes	1, 2, 5, 10, 20, 50, 100, 200, 500 hryven'
Coins	1, 2, 5, 10, 25, 50 kopiyok, 1 hryvnia
Demographics
User(s)	Ukraine
Issuance
Central bank	National Bank of Ukraine
Website	www.bank.gov.ua
Valuation
Inflation	12% (2009 est.)
Source	Novynar, 6 January 2010

The hryvnia, sometimes hryvnya or grivna (Ukrainian: гривня, pronounced [ˈɦrɪu̯ɲɑ], abbr.: грн (hrn in Latin alphabet)); sign: ₴, code: (UAH), has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok. In medieval times, it was a currency of Kievan Rus'.

Name

Etymology

See also: Grzywna (unit)

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.

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). All these rules also apply in Russian.

Currency sign

Hryvnia currency sign

Main article: Hryvnia 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 €. The sign was encoded as U+20B4 in Unicode 4.1 and released in 2005. It is now supported by the latest computer systems. It is still rarely used in Ukraine; instead, the abbreviation "грн." is preferred.

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. 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. 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. After a period of instability, a new peg of 8 hryvnias per US dollar was established, and remains to the current day.

Coins

Coins were first struck in 1992 for the new currency but were not introduced until 1996. The coins were initially produced by the Luhansk Cartridge Factory, as well as by the Italian Mint. 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
File:1-kopiyka-Ukraine.JPG		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
File:10-kopiyok-Ukraine.JPG		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
File:1-hryvnia-Ukraine.JPG		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. 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.

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. 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, 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. Also, despite the devaluing of the currency since its introduction, all kopeck coins remain in circulation, as well as all low-value hryvnia bills, including 1 hryvnia. As with the U.S. dollar, the 1 hryvnia bill is commonly used, and the 1 hryvnia coin is rarely seen.

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 pixel 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
File:5-Hryvnia-1994-front.gif	File:5-Hryvnia-1994-back.gif	5 hryven'		Blue	Bohdan Khmelnytsky	A church in the selo (village) of Subotiv.	1994
File:10-Hryvnia-1994-front.png		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 pixel 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
File:1-Hryvnia-2006-front.jpg	File:1-Hryvnia-2006-back.jpg	1 hryvnia		Yellow-blue			2006	May 22, 2006
File:2-Hryvnia-2004-front.gif	File:2-Hryvnia-2004-back.gif	2 hryvni		Peach	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
File:Hrushevsky 50 hrn.JPG	File:50-Hryvnia-Hrushevsky-back.gif	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	Brown	Hryhoriy Skovoroda	The building of Kyiv Mohyla Academy	2006	September 15, 2006
These images are to scale at 0.7 pixel 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 exchange rate was pegged at around UAH 5/USD 1. In 2008 when global financial crisis hit, the hryvnia was devalued to about 8/USD 1. Because of known economic problem called impossible trinity, having a fixed exchange rate and free movements of capital (i.e. cross-border lending) have undermined National Bank of Ukraine's ability to conduct independent monetary policy.

Current UAH exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD RUB
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD RUB
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD RUB
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD RUB

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

"Official exchange rate". National Bank of Ukraine.

"Historical exchange rates". National Bank of Ukraine.

See also

• Economy of Ukraine
• List of commemorative coins of Ukraine
• Grzywna (unit)

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Cuhaj, George S. (editor) (2006). Standard Catalog of World Paper Money: Modern Issues 1961-Present (12th ed.). Krause Publications. ISBN 0-89689-356-1. {{cite book}}: |author1= has generic name (help)

External links

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

Preceded by: various

Currency of Kyivan Rus' 11th century – 15th century

Succeeded by: various

Preceded by: Ukrainian karbovanets

Currency of Ukrainian People's Republic March 1, 1918 – April, 1918

Succeeded by: Ukrainian karbovanets Reason: coup d'état (on April 29, 1918)

Preceded by: Ukrainian karbovanets Reason: coup d'état (on December 14, 1918)

Currency of Ukrainian People's Republic December, 1918 – November, 1920

Succeeded by: Soviet karbovanets Reason: Soviet occupation

Preceded by: Ukrainian karbovanets Reason: inflation (on September 2, 1996) Ratio: 1 hryvnia = 100 000 karbovanets

Currency of Ukraine September 2, 1996 –

Succeeded by: Current