Financial system of Ukraine

The official currency of Ukraine is Hryvnia, also spelled as Hryvna or Grivna. It replaced the Coupon in 1996, which was the short-term currency used in Ukraine after it split from the Soviet Union. Ukrainian coins are called "kopiyka". One kopiyka equals 1/100 of Hryvnia.

Lettered code - UAH, numeric code - 980, abbreviated name - Hrn. Issuing institution - the National Bank of Ukraine.

There are bills for 1, 2, 5, 10, 20, 50, 100, 200, and 500 Hryvnia. There are coins for 1, 2, 5, 10, 25, and 50 kopiykas. The artist of all circulation coins of all denominations is V.Lopata. USA dollars and Euros are the most popular foreign currency in Ukraine, so it is preferrable to bring US dollars or Euros with you. Use of them is officially forbidden in shops, bars and restaurants. There are a lot of currency exchange places throughout the city; at the hotels, banks and airports. Make sure your foreign currency bills are new looking and crisp. Written-on or torn banknotes are usually rejected or could be exchanged only at the banks and sometimes at a lower rate.

Personal checks practically don't exist in Ukraine, but many places in Kiev have started to accept major credit cards like Visa or MasterCard and some others. Travellers' checks could be cashed at the banks for 3%. American Express does not have an office in Ukraine to replace lost checks.

You could get money using your credit card out of the ATM machines (local word for it is "Bankomat") throughout the city. But make sure the ATM you are going to use is located in a public place, like shopping malls, hotels, inside the banks or next to the banks, inside the travel agencies or ticket offices, etc. Make sure, your card logo is on the ATM machine. Usually ATMs offer Hryvnias. Only a few locations could offer you dollars via an ATM. Instructions are in Russian, Ukrainian or English.

Unit 2

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