Ukraine Hryvnia (UAH) in 2025: Current Value, History, and Facts

Gordon Scott has over 20 years of experience as an investor and technical analyst and holds the Chartered Market Technician (CMT) designation.

What Is the Ukraine Hryvnia (UAH)?

The Ukraine Hryvnia (UAH) is the official currency of Ukraine, introduced by the government in 1996 to stabilize the economy post-Soviet Union. Also spelled as hryvnya or grivna, the currency is divided into 100 kopiykas and is internationally recognized by the abbreviation UAH. The National Bank of Ukraine, the country’s central bank, is responsible for issuing and regulating the currency, ensuring financial stability and supporting economic growth.

Key Highlights

• UAH is the national currency of Ukraine, established in 1996.
• Issued and managed by the National Bank of Ukraine.
• Used widely across Ukraine except Crimea, which uses the Russian ruble.
• Banknotes are available in ₴10, ₴20, ₴50, ₴100, ₴200, and ₴500 denominations.
• Coins include ₴1, ₴2, ₴5, with smaller denominations phased out.

Understanding the Ukraine Hryvnia

Ukraine’s economy, once a key player in the Soviet Bloc with strong industrial and agricultural sectors, faced challenges transitioning to a market economy. Initially, many Ukrainians relied on barter and subsistence farming. The introduction of the hryvnia in August 1996 helped to formalize the currency system and improve economic conditions.

The hryvnia is represented by the symbol ₴ and the numeric code 980 in forex markets. As of late 2022, approximately ₴677.7 billion were in circulation. The National Bank of Ukraine continues to update currency designs, with plans in 2023 to phase out older banknotes issued between 2003 and 2007, replacing them with modernized notes and coins for enhanced security and usability.

Important Note

The hryvnia operates as a free-floating currency and is not pegged to any other currency.

Special Regional Considerations

While the hryvnia is used throughout Ukraine, the Crimean peninsula switched to the Russian ruble (RUB) following its annexation by Russia in 2014. Although initially both currencies circulated in Crimea, the hryvnia has since been phased out there.

Historical Background of the Ukraine Hryvnia

The name 'hryvnia' dates back to medieval Slavic weight units and was first used as a currency in 1917 during Ukraine’s brief independence from the Russian Empire. Early currencies like the karbovanets were plagued by counterfeiting and inflation, especially during the turbulent 20th century.

Following the Soviet Union's collapse, hyperinflation severely devalued the karbovanets, leading to the introduction of the hryvnia in 1996 at a conversion rate of 100,000 karbovanets to one hryvnia. This change was pivotal in stabilizing Ukraine's monetary system and fostering economic recovery.

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