Ukrainian hryvnia

Infobox Currency
currency_name_in_local = українська гривня uk icon
image_1 = 100-Hryvnia-Franko-front.jpg
image_title_1 = 100 hryven' (гривень)
image_2 = 1-hryvnia-Ukraine.jpg
image_title_2 = 1 hryvnia (гривня)
iso_code = UAH
using_countries = flag|Ukraine
inflation_rate = 11.3%
inflation_source_date = [https://www.cia.gov/library/publications/the-world-factbook/geos/up.html The World Factbook] , 2007
subunit_ratio_1 = 1/100
subunit_name_1 = kopiyka (копійка)
symbol = Unicode|₴
plural = "hryvni" (гривні, nom. pl., from 2 to 4), and "hryven’" (гривень, gen. pl. above 5)
plural_subunit_1 = "kopiyky" (копійки, nom. pl., from 2 to 4), "kopiyok" (копійок, gen. pl. above 5)
used_coins = 1, 2, 5, 10, 25, 50 kopiyok, 1 hryvnia
used_banknotes = 1, 2, 5, 10, 20, 50, 100, 200, 500 hryven'
issuing_authority = National Bank of Ukraine
issuing_authority_website = www.bank.gov.ua

The hryvnia, sometimes hryvnya or (incorrectly) hryvna or hrivna ( _uk. гривня, IPA2|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".

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 а wolf), "kuna" (куна, pelt of a small animal such as a mink or а 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 meansFact|date=June 2007. 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

The nominative plural of hryvnia is "hryvni" ( _uk. гривні) and the genitive plural is "hryven"' ( _uk. гривень). 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 the 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

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 €.cite web|url=http://pr.bank.gov.ua/ukr/arhive_news.php?news_id=431|title=Description of hryvnia sign. National Bank of Ukraine. 03.03.2004 uk icon] Hryvnia is abbreviated "грн." (hrn.) in Ukrainian. The hryvnia sign Unicode|₴ [may not be rendered in all browsers] was released in March 2004. The specific design of the hryvnia sign was a result of a public contest held by National Bank of Ukraine in 2003. [cite web|url=http://pr.bank.gov.ua/ukr/konkurs.php|title=Public internet vote for the currency sign of Hryvnia National Bank of Ukraine. uk icon] 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. [cite web|url=http://www.bbc.co.uk/ukrainian/domestic/story/2004/03/040303_hryvna_sign.shtml |title=Graphic "face" of Ukrainian hryvnia BBC News] As soon as the sign was announced, a [http://std.dkuug.dk/jtc1/sc2/wg2/docs/n2743.pdf proposal] to encode it was written. The sign was encoded as U+20B4 in Unicode 4.1 and released in 2005. It is now supported by the latest computer systems.

History

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. [http://www.obriy.pib.com.ua/2002/04_02/01.htm Volodymyr Matvienko. Autograph on Hryvnia.] uk icon] 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, 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 5.45 = USD 1.00. Since then, the exchange rate has been relatively stable at around 5 hryvnias for 1 US 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.cite web|url=http://www.podrobnosti.ua/economy/2006/09/04/344955.html|title=How hryvnia was born Podrobnosti.ua ru icon] , as well as by Italian Mint.cite web|url=http://www.dt.ua/2000/2040/54365/|title=Hryvnia-Immigrant "Dzerkalo Tyzhnia" uk icon] In addition to those listed below which were released into circulation, 15 kopiyok coins were struck in both brass and aluminiumFact|date=June 2007.

Exchange rates

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

ee also

* Economy of Ukraine
* List of commemorative coins of Ukraine

References

*
*

External links

Standard numismatics external links
world_coin_gallery_1_url = Ukraine
world_coin_gallery_1_name = Ukraine
banknote_world_1_url = ukraine
banknote_world_1_name = Ukraine
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Ukraine
gfd_1_name = Ukraine
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
* [http://www.bank.gov.ua/engl/bank_coin/histor_grn.htm History of Hryvnia]
* [http://pr.bank.gov.ua/ukr/arhive_news.php?news_id=431 National Bank of Ukraine announcement of Hryvnia Sign] uk icon
* [http://pr.bank.gov.ua/ukr/konkurs.php Proposed symbols for hryvnia during design competition] uk icon
* [http://www.uazone.net/Hryvnia/hryvnia1.html Pictures of hryvnia bills introduced in 1997]
* [http://www.museum.com.ua/project/eng/vist/dengi/dengi.html The first Ukrainian Money (1917-1922)] Odessa Numismatics Museum
* [http://www.bonistikaweb.ru/NUMBON/1996-8(38).htm Ukraine monetary reform. Numismatics] ru icon