Ukraine is a country located in the Eastern part of Europe. It might not be at the top of your list of places to visit, but Ukraine has its own share of colorful history and amazing sights and natural resources. But aside from its history, culture, and tourist spots, another important thing that you might want to learn about Ukraine is its currency.
Ukraine’s national currency is called hryvnia. Ukrainian hryvnia might be difficult to pronounce but this is an important aspect of the economy of Ukraine. Hryvnia is also sometimes called as hryvnya or grivna. It has been the national currency of Ukraine since September 2, 1996. One Ukrainian hryvnia is equal to 100 kopiyok.
This currency was used in the Kievan Rus in the medieval times and it was called as grivna. The literal meaning of this term is ‘mane’ or ‘bracelet.’ In the ancient times, grivna, either made of gold or silver, was worn around the neck.
Although Ukrainian hryvnia has several names, it is read as grivna after its Russian pronunciation. However, the National Bank of Ukraine suggests a differentiation between the hryvnia and grivna in historical and practical use.
The Ukrainian coins were introduced in 1996. They are called kopiyok coins and are made of a combination of brass and aluminum. Bank notes include 1, 2, 5, 10, 20, 50, 100, 200, and 500 denominations. From 2008, the Ukrainian hryvnia lost 1/3 of its value because of inflation and became more stable in the first half of 2009. Movement of the Ukrainian hryvnia has been unpredictable since 2008, something that every Forex trader should know.