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Ukrainian hryvnia

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Ukrainian hryvnia
українська гривня Template:Uk icon
File:1-hryvnia-Ukraine.JPG
100 hryven' (гривень)1 hryvnia (гривня)
ISO 4217
CodeUAH (numeric: 980)
Subunit0.01
Unit
Pluralhryvni (гривні, nom. pl., from 2 to 4), and hryven’ (гривень, gen. pl. above 5)
Symbol₴‎
Denominations
Subunit
 1/100kopiyka (копійка)
Plural
 kopiyka (копійка)kopiyky (копійки, nom. pl., from 2 to 4), kopiyok (копійок, gen. pl. above 5)
Banknotes1, 2, 5, 10, 20, 50, 100, 200, 500 hryven'
Coins1, 2, 5, 10, 25, 50 kopiyok, 1 hryvnia
Demographics
User(s) Ukraine
Issuance
Central bankNational Bank of Ukraine
 Websitewww.bank.gov.ua
Valuation
Inflation11.3%
 SourceThe World Factbook, 2007

The hryvnia (sometimes hryvnya; Ukrainian: гривня; IPA: [ˈɦrɪu̯nʲɑ]) 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. The ISO 4217 codes are UAH and 980.

Name

Etymology

The 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).

Plural

In 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).

Currency sign

Hryvnia currency sign
Hryvnia 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.

History

During 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.

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.[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].

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 or stainless steel
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 or aluminium bronze 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.[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.

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 the Great 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 the Great 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.gif 10 hryven' Brown and yellow Ivan Mazepa The Holy Dormition Cathedral of the Kievo-Pecherska 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
File:200-Hryvnia-Ukrainka-front.gif 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 the Great The fortress wall of Volodymyr 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 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 Kievo-Pecherska 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 Beige 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

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

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

"Official exchange rate". National Bank of Ukraine.

"Hryvnia market rate". Financial Times.

See also

References

  1. ^ a b "Description of hryvnia sign. National Bank of Ukraine. 03.03.2004". Template:Uk icon
  2. ^ "Public internet vote for the currency sign of Hryvnia". National Bank of Ukraine. Template:Uk icon
  3. ^ "Graphic "face" of Ukrainian hryvnia". BBC News
  4. ^ a b Volodymyr Matvienko. Autograph on Hryvnia. Template:Uk icon
  5. ^ a b c "How hryvnia was born". Podrobnosti.ua Template:Ru icon
  6. ^ a b c "Hryvnia-Immigrant". Dzerkalo Tyzhnia Template:Uk icon
  7. ^ "The man who designed Hryvnia".. Dzerkalo Tyzhnia Template:Ru icon
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Template:Standard numismatics external links

Ukraine Hryvna

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