UAH | Ukrainian Hryvnia
- The word “hryvna” (today it is called hryvnia) originally did not mean money. It comes from the Old-Slavic word “hriva”, which meant “neck” or “mane”. Later it received another meaning: a decorative necklace with medal made of gold, silver, bronze and iron. In this form, it was used already in medieval times, although not as a currency but as a prize or jewellery.
- Today’s Hryvnia became the single national currency of the Ukraine after the monetary reform performed by the National Bank of the Ukraine in September 1996. Hryvnia replaced the Karbovanetz which was used during the Soviet periods. 1 hryvnia was equivalent to 100,000 Karbovanetz, and was equivalent to the German Mark at that time.
- It is important to know that the Hryvnia has significantly lost of its value since its introduction in 1996.
- In 2008, hryvnia became the most beautiful currency of the world.
- On 7 February 2014, the Ukrainian central bank devalued the exchange rate of the Hryvnia by 9 percent against the American Dollar. While in February 2014, 1 American Dollar was worth 8.7080 Hryvnia, the respective figure fell to 14.4759 Hryvnia by November 2014, which meant a devaluation of over 50 percent within 8 month.
- On 5 February 2015, the Ukrainian central bank increased its refinancing rate from 14 to 19.5 percent. In response to the increase in interest rate, the Hryvnia lost 10 percent then 46 percent of its value against the American Dollar by the end of the day.
Country uses Ukrainian Hryvnia: