The “hryvnia” (plural:hryvni, code: UAH) is the national currency of Ukraine. It used to be a currency of Kievan Rus’ during the Medieval times but it was then called “grivna” derived from the Slavic word “griva” meaning “mane.” It was introduced on September 2, 1996 as a replacement of the old Karbovanets (or coupon). The coupon was a temporary currency used in Ukraine during the transition period from Russia. At the time of the change to hryvnia, the exchange rate was 1 hryvnia = 100,000 karbovanets.
The hryvnia is the only legal tender in Ukraine until today, controlled by the National Bank of Ukraine. The bills were designed by Vasyl Lopota and Borys Maksymov, both Ukrainian artists.
The modern currency comes in bills of 1(grey and yellow blue), 2(brown), 5(blue), 10(crimson), 20(green), 50(violet) and 100 (olive) Hryvni. Later additions were the higher denominations of 200(pink) and 500(beige) hryvnia notes.The bills also feature historical figures on the front and on the back are famous buildings or monuments around Ukraine. There have already been three series runs for the bank notes since the currency’s introduction in 1996. The last series was run in 2006.
The bills have been modified through the year to enhance its security features against counterfeiting. The new hryvnia bills have several protection layers aside from the standard watermark lines. As well, the higher denomination bills of 50, 100 and 500 hryvnia have added protection features such as UV stamps, 3D shapes and shifting image of the relief seal.
When you’re travelling to Ukraine or thinking of staying in the country for some time, it is better to have enough UAH on hand to facilitate getting into the country easily. As in most other countries, there is a limit to the currency which can be imported (in Ukraine the limit is UAH1000 to bring in and UAH10,000 to export. For foreign currency, the import limit is US$10,000 and export limit of US$5,000). Should you have a need for amounts higher than the set limits, be sure to seek for a special permission prior to travel.
Despite advancements in some areas of Ukraine, credit and debit cards are still not readily accepted in many establishments. They may be accepted in some big establishments such as supermarkets or the restaurants in the city but not in local markets and smaller towns. Retailers in rural areas are not trained enough to handle and ensure card privacy so even if the transaction requires a large amount, it is always wise to pay in cash. It is also reported that Ukraine has a high level of credit card theft and fraud so extra care must be used by the traveler when bringing in their credit cards. There has even been an instance when a hotel staff was reportedly caught using the credit card number of a guest after the individual has checked out and used his credit card to settle his bill with the hotel.
Traveler cheques are also not widely accepted but if you do plan to bring some in, it is always best to have them in US dollars. In big cities, it is also relatively easy to exchange other currencies such as the British pound and Euro. But in other parts of the country, it is near to impossible to exchange any other currency. Do check for the prevailing exchange rate, however, and always be on the lookout for reputable money changing offices. Some street currency exchangers may give you the old currency of Karbovanets or even the first issue of hryvni which are already phased out of circulation. In Ukraine, it is not legal to make payments with foreign currency so if you are travelling to smaller areas outside the metropolis, make sure you have enough hryvni.
There are also coins and they are called “kopiyka” or “kopecks”, issued for 1, 2, 5, 10, 25 and 50 kopiyka. There is also a coin for 1 hryvnia. There have also been commemorative collectible coins issued for various events such as the 200000 Karbovanets Commemorative Coin for the 10th Anniversary of the Chernobyl Catastrophe and the commemorative 1 Hryvnia coin for the 1998 Winter Olympics held in Japan.
Initially, the currency had an international exchange rate of UAH1.76 = USD1.00. However it was devaluated to UAH5.6 = USD1.00 in 2000 following the Asian financial crisis. It was relatively stable and was set at UAH5.05 = USD1.00 for three years from 2005 until 2008. But the world financial crisis in the latter part of 2008 set the less stable hryvnia on a rapid devaluation course. From UAH4.85 = USD1.00 on September 2008, today the exchange rate stands at UAH7.97 = USD 1.00.
