1.2 The input of hryvnia.

The hryvnia in Ukraine was introduced into circulation September 2, 1996. Prior to that, since 1990 in Ukraine, in addition to the Soviet rubles were used so-called one-off coupons, which would have been impossible without the purchase of most goods. On January 10, 1992 were issued temporary Ukrainian banknotes, also called coupons, and denominated in Ukrainian rubles (karbovanets). They are called coupon karbovanetses.

With the introduction of hryvnia coupon karbovanetses exchanged for hryvnia at a ratio of 100 000:1. For about 2 years after the introduction of the hryvnia against the U.S. dollar held at 2 hryvnia per dollar, after the 1998 crisis, prices fell to about 5.5 hryvnia to the dollar. Then, the hryvnia exchange rate gradually appreciated to 5,3-5,2 hryvnia to the dollar.

Since April 2005, National Bank of Ukraine supports the management of the fixed official rate of 5.05 hryvnia per dollar.

Hryvnia is divided into 100 cents.

In circulation are banknotes of 1, 2, 5, 10, 20, 50, 100, 200 and 500 hryvnia and coins of 1, 2, 5, 10, 25 and 50 cents and 1 hryvnia. In order to collectible coins produced 2, 5, 10, 20, 50, 100 hryvnia.

Historical figures depicted on the banknotes:

• 1hryvnia - Vladimir the Great;

• 2 hryvnia - Yaroslav the Wise;

• 5 hryvnia - Bohdan Khmelnytsky;

• 10 hryvnia - Ivan Mazepa;

• 20 hryvnia - Ivan Franco;

• 50 hryvnia - Michael Hrushevsky;

• 100 hryvnia - Taras Shevchenko;

• 200 hryvnia - Lesia Ukrainka;

• 500 hryvnia - Skovoroda .

In an official appeal was launched Hryvnia September 2, 1996, but the bills were printed in four years before. A few years Ukrainian authorities decide whether Ukraine hryvnia, and when they enter into circulation. People's Deputy Serhiy Teryokhin was then first deputy chairman of the parliamentary committee on Finance and Banking and a member of the Committee on Monetary Reform. The first order for printing hryvnia has been made by Canadian masters in 1992. In the same year were made and the matrix of notes.

I ordered them yet then chairman of the National Bank Matvienko. "After this, the big debate within the government, whether it is necessary to introduce the hryvnia, or to adopt a common currency with Russia", - he said. Money for manufacturing matrix Ukraine does not pay: foreign funds have helped.

The first banknotes were printed odnogrivnevye all in the same 1992 in Canada. Two-, five-and desyatigrivnevye bills were printed in the same place two years later. In Canada they have in store, waiting in the wings. Banknotes of 50 and 100 hryvnia did the British. Manufacturing cost of one thousand bills were about $ 26, which is almost two times cheaper than the cost of production of thousands of German marks.

When the question of the introduction of its own currency in Ukraine was finally settled, hryvnia from Canada solemnly carried on two ships in Kiev. Accompanied by a valuable cargo group of deputies. Process of delivery led the then head of the National Bank of Vadym Hetman. "The introduction of hryvnia took almost five years after independence. Temporary currency karbovanets, had a tremendous negative impact on the economy of the state "- says one of the then leaders of the National Bank President Lissitzky. According to him, the complexity of the situation was that all were aware that sooner or later, the currency will change.

In the early days of the exchange was a boom, people are suspicious of the exchange, as well remembered Pavlovian reform. Exchange rate coupon karbovanets the hryvnia was 100 thousand to 1. Ukrainian currency reform in 1996 made history as one of the most liberal and open financial reforms. "The introduction of hryvnia was perhaps one of the most successful monetary reforms in the world" - says Lissitzky [3].