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The hryvnia (sometimes hryvnya; Ukrainian: гривня; IPA: [ˈɦrɪu̯nʲɑ]) (sign: ₴; code: UAH) has been the national currency of Ukraine since September 2, 1996. It replaced the karbovanets at the rate of 1 hryvnia = 100,000 karbovantsiv. The hryvnia is subdivided into 100 kopiyok.
[edit] Name[edit] EtymologyThe hryvnia was used as currency in Kievan Rus' in the 11th century. The word hryvnia is thought to derive from the Slavic griva; c.f. Russian, Bulgarian and Serbian грива / griva, "mane". Hryvnia may have indicated something valuable worn around the neck, usually made of silver or gold; c.f. Russian grif (гриф , "neck") or 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. Russian grivennik (гривенник, '10-kopek piece'). Other smaller currency units were nogata (ногата, 'pelt of a large animal such as a bear or wolf', kuna (куна, 'pelt of a small animal such as a mink or sable; c.f. Croatian kuna). The smallest was veksha (векша, "squirrel pelt"). Hryvnia is sometimes incorrectly transliterated as hryvna, hrivna, gryvna or grivna, due to its Russian language counterpart, гри́вна, pronounced grívna. The National Bank of Ukraine has recommended that a distinction be made between hryvnia and hryvna in both historical and practical means[citation needed]. Linguistic research was cited as proof that hryvnia refers to medieval currency and hryvna to the woman's decoration of that time (as the Bulgarian grivna mentioned above). [edit] PluralIn Ukrainian, the nominative plural 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 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). [edit] 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 €.[1] Hryvnia is abbreviated "грн." (hrn.) in Ukrainian. The hryvnia sign ₴ [may not be rendered in all browsers] was released in March of 2004.[1] The specific design of the hryvnia sign was a result of a public contest held by National Bank of Ukraine in 2003.[2] The bank announced that it would not take any special steps of promoting the sign, but expressed expectations that the recognition and the technical possibilities of rendering the sign would follow.[3] As soon as it was discovered, a proposal to encode it was written. The sign was encoded as U+20B4 in Unicode 4.1 released in 2005. It is now supported by the latest computer systems. [edit] HistoryDuring the Kievan Rus currency called hryvna was used. In 1917, after the independence of the Ukrainian National Republic from the Russian Empire, the name of the new Ukrainian currency became a revised version of the Kievan Rus called hryvnia (from 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 due to the collapse of the USSR. To a large extent, the introduction of hryvnia was secretive.[4] Hryvnia were introduced according to President's Decree dated August 26, 1996, and published on August 29. During the transition period, September 2-16, both hryvnia and karbovanets were used in circulation. Merchandisers were obligated, however, to provide change only in hryvnias. All bank accounts were converted to hryvnya automatically. During the transition period, 97% of karbovanets were taken out of circulation, including 56% in the first 5 days of the currency reform.[4] After September 16, the remaining karbovanets were allowed to be exchanged to hryvnias in banks. The hryvnia was introduced during the period that Victor Yuschenko was the Chairman of National Bank of Ukraine. However, the first banknotes issued have the signature of the previous National Bank Chairman, Vadym Hetman, who resigned in 1993. This is because first notes were printed as early as 1992 by the Canadian Bank Note Company and it was decided to delay their circulation until hyperinflation in Ukraine was taken 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 5.45 = USD 1.00. Since then, the exchange rate is relatively stable at around 5 hryvnias for 1 U.S. dollar. [edit] CoinsCoins were first struck in 1992 for the new currency but were not introduced until 1996. The coins were initially produced by Luhansk Cartridge Factory.[5], as well as by Italian Mint.[6] In addition to those listed below which were released into circulation, 15 kopiyok coins were struck in both brass and aluminium[citation needed].
[edit] BanknotesIn 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.[7][5] 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.[5] 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.[6] Since the opening of the Mint of the National Bank of Ukraine in cooperation with De La Rue in March 1994 all banknotes has been printed in Ukraine.[6] 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.
[edit] Exchange ratesOficial NBU exchange rate at moment of introduction 1.76UAH/1USD. Current UAH exchange rates
"Official exchange rate". National Bank of Ukraine. "Hryvnia market rate". Financial Times. [edit] See also[edit] References
[edit] External links Wikimedia Commons has media related to:
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