Monetary Reform In Ukraine

In accordance with the Presidential Decree On Monetary Reform in Ukraine a new currency of Ukraine, the Hryvnia was introduced into circulation during the period from 2 to 16 September 1996. The reform included the following:

• Ukrainian Karbovanets were exchanged for Hryvnia at the rate of KBV 100,000 for 1 Hryvnia;
• The official English language abbreviation for the Hryvnia is UAH;
• The exchange lasted from 2 September through 16 September 1996 with both currencies circulating in parallel;
• Banknotes in the denominations of 1, 2, 5, 10, 20, 50, 100 Hryvnias and coins denominated 1, 2, 5, 10, 25, 50 Kopiykas have been introduced;
• As of 2 September foreign currency trading has only been allowed for Hryvnia;
• The National Bank of Ukraine now fixes the Hryvnia exchange rate on the basis of the Inter Bank Currency Exchange trades. This represents a continuation of the market-based mechanism of exchange. During September 1996 exchange rate was around US $1 = UAH 1.76.

(Decree No 762/9625 of 25 August 1996)

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