Detachable Subdivision
"Rivne Professional College of
National University of Life
and Environmental Sciences of Ukraine"
On September 2, Ukraine celebrates the Day of the National Currency - the Hryvnia.
After the declaration of independence of Ukraine, one of the important tasks of the Ukrainian authorities was the creation of its own monetary system and the replacement of Soviet rubles with the national currency. In December 1991, the Verkhovna Rada of Ukraine approved the name of the Ukrainian currency - "hryvnia". It corresponded to the traditions of the era of Kyivan Rus and the period of the liberation struggle of 1917-1921. However, in the early 90s of the twentieth century. Ukraine faced a deep economic crisis, falling incomes, hyperinflation. Under such circumstances, introducing a permanent currency was risky.
In 1992, rubles were withdrawn from circulation and replaced by the Ukrainian karbovanets, which was popularly called the “kupono-karbovanets”. This was transitional money. Preparations for the appearance of the hryvnia began. The design of the banknotes was developed by Ukrainian artists Vasyl Lopata and Boris Maksymov. Due to the absence of a Banknote Mint in Ukraine in the early 90s of the 20th century, the production of 1, 2, 5, 10 and 20 hryvnias was ordered from the Canadian company “Canadian Banknote Company”, and 50, 100 and 200 hryvnias – from the British company “Thomas De La Rue”.
Since 1995, the economic situation in the country has improved and the prerequisites for monetary reform have been created. On August 25, 1996, the Decree of the President of Ukraine “On Monetary Reform in Ukraine” was signed, and on September 2, 1996, Ukrainians began exchanging millions of coupons for banknotes with the name “hryvnia”. On September 17, 1996, the monetary reform was completed, and the hryvnia and its circulating coin, the kopeck, became the only means of payment in Ukraine.
Today, Ukraine has its own production facilities for the production of banknotes and coins. The NBU Banknote and Mint has been operating since 1994 (Kyiv), and the Banknote Paper Factory (Zhytomyr region) has been operating since 1997.
Throughout the recent history of the hryvnia, banknotes with an updated design and security system, as well as new denominations of banknotes that did not exist in 1996, have gradually appeared in circulation. Thus, in 2001, a banknote with a denomination of 200 hryvnias was put into circulation, in 2006 - 500 hryvnias, in 2019 - 1000 hryvnias. Currently, the fourth generation of the hryvnia is in circulation, which is distinguished by an improved design and a reinforced set of security elements.
Monetary reform in Ukraine was of great importance for the economic independence of our country. The hryvnia is not only a monetary unit, but also one of the symbols of our country. Our own money, along with other state symbols - the coat of arms, anthem, flag, are the main attributes that define an independent state. They present the country to the world and are a rich source of knowledge about its history, culture, and traditions. When visiting Ukraine, foreigners learn from banknotes about outstanding Ukrainians who have made a significant contribution to the development of our country, its science and culture, about famous places and unique architectural monuments.
Today, the hryvnia occupies a worthy place among other national currencies of the world.
Tetyana KUPCHYSHINA,
social studies teacher
