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Ukraine »
MoneyThe state monetary unit of Ukraine is hryvna (an alphabetic code of the currency is UAH, a digital code of the currency is 980, an abbreviated name is HRN). 1 hryvna equals to 100 copecks. The emissive institute is the National Bank of Ukraine (NBU).

There are banknotes par value of 200, 100, 50, 20, 10, 5, 2, 1 hryvnas of both old and new models (dated back to 1997 when new coloring and design were introduced) in circulation. There are also coins par value of 1 hryvna and 50, 25, and 10 copecks made of yellow metal, as well as coins par value of 5, 2 and 1 copecks made of white metal.

Modern hryvna was introduced in 1993-1994 and replaced ration cards and rubles. It is manufactured by a state enterprise «Derzhznak» by an order of the National Bank of Ukraine.

The first hryvna was made of low-quality paper and had few stages of protection which led to a growing number of money counterfeiting cases. In 2002-2004 the National Bank of Ukraine introduced new models of hryvna which are noted for their aesthetical design and significantly increased protection. At the same time new metal hryvnas are being introduced but their circulation is not big.

The stability of hryvna is secured by the National Bank of Ukraine. Its exchange rate in relation to other currencies is “floating” and is in constant dependency of foreign and domestic economy of the country.

To use foreign currency in restaurants and stores is officially prohibited. One can exchange currency in the airport, in banks and numerous currency exchange points. There are a lot of currency exchange points and one does not have to show their passport. Sometimes on markets and in private stores you can pay in US dollars, euros or Russian rubles but the currency exchange rate is highly unfavourable. In Simferopol and in “continental” Ukraine the currency exchange rate is more favorable than in the resort areas of the seaside. Credit cards and traveler’s checks have relatively limited usage and can be cashed only in bank offices of large cities and resort areas. However credit card business has recently been growing quite rapidly.
Dmytro Chernenko
19.10.2009

Thematic news

The appeal appeared counterfeit 200 UAH banknotes 19.11.2009
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