Ukraine's Currency Reform: The Transition to New Coins
The Head of the National Bank of Ukraine, Andriy Pyshnyy, announced plans to introduce a new coin to replace the current 10 and 50 kopeck coins. He emphasized that the term «kopeck» is an outdated reference that remains only in certain cities.
This information was reported by a correspondent from the Ukrainian Information Service, referring to Pyshnyy's interview with Ukrainian Radio.
Pyshnyy noted that the transition to the new coin should have occurred back when Ukraine gained independence; a trial batch was released in 1992, but political will was lacking at the time.
Currently, the National Bank is awaiting approval from the Verkhovna Rada. Following this, the minting of kopecks will cease, and the issuance of coins named «shag» will begin. According to the head of the NBU, this process will not require additional expenditures from the state budget.
Pyshnyy stressed that the transition to the new coin will not affect the purchasing power of the hryvnia. At present, about 14 billion 10 and 50 kopeck coins are in circulation, and every year the NBU is forced to mint at least 20 million of these coins.
In Pyshnyy's view, this step will solidify Ukraine's monetary sovereignty and eliminate the use of the term «kopeck» with its Moscow roots. Most former Soviet republics have already abandoned this term, and it is time for Ukraine to reclaim the historical name of its currency.