UAH - Ukrainian Hryvnia

The National Bank of Ukraine (NBU) is responsible for issuing and regulating the hryvnia. Founded in 1991, shortly after independence from the Soviet Union, the NBU plays a central role in managing inflation, setting interest rates, and overseeing financial institutions. The value of the hryvnia operates under a flexible exchange rate, with the NBU stepping in occasionally to prevent extreme fluctuations.

The modern hryvnia was introduced on September 2, 1996, replacing the temporary karbovanets currency that Ukraine used after gaining independence in 1991. Interestingly, the name “hryvnia” has historical roots dating back to the medieval era of Kyivan Rus. In those times, a hryvnia was a measure of weight used for silver and later became a currency unit.

The Hryvnia was introduced as a replacement for the Karbovanets at a rate of 100,000 to 1 due to the severe hyperinflation following the collapse of the Soviet Union. Initially, Ukraine could not print its own currency. The first Hryvnia banknotes, designed in 1992, were printed in Canada and the United Kingdom and secretly shipped to Ukraine before their official introduction in 1996.

The hryvnia’s symbol, ₴, was officially adopted in 2004. It resembles a slanted uppercase letter “Г” (from the Cyrillic alphabet) with two horizontal lines running through it. These parallel lines represent the currency’s stability and integration into global financial systems. ​