Hryvna is the official currency of Ukraine, abbreviated as UAH (Ukrainian Hryvnia). It is a noun that refers to the monetary unit used for the exchange of goods, services, and financial transactions within the country. The word "hryvna" is derived from the ancient Slavic term for "a necklace."
As a currency, the hryvna is subdivided into 100 smaller units known as kopecks. Coins are issued in denominations of 1, 2, 5, 10, 25, and 50 kopecks, while banknotes come in denominations of 1, 2, 5, 10, 20, 50, 100, 200, 500, and 1000 hryvnas. The National Bank of Ukraine is responsible for the issuance and management of the hryvna.
The hryvna has a floating exchange rate, meaning its value fluctuates based on the foreign exchange market. It is widely accepted as legal tender throughout Ukraine for both domestic and international transactions, although the use of cash has been decreasing in recent years with the rise of digital payment methods.
The hryvna has been in circulation since 1996, following the dissolution of the Soviet Union and Ukraine's independence. It replaced the previous currency, the karbovanets, due to significant economic and political changes during that period.
Overall, the hryvna plays a vital role in Ukraine's economy, facilitating trade, commerce, and financial activities within the country.
