The History of Ukrainian currency

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 karbovanets. 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 on 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 into 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 the National Bank of Ukraine.

Notes: to give change – видавати решту to be converted into hryvnia - бути переведеним у гривню

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