Time Period: 1917-1924

Currency: 1st Ukrainian Karbovanets - 1st Ukrainian Hryvnia


Timeline

  • 03.01.1918
  • JD:22.12.1917
  • Resolution of the Central Council of the Ukrainian National Republic on the transformation of the Kiev subsidiary of the Russian State Bank into the Ukrainian State Bank; effective immediately.
  • 05.01.1918
  • JD:24.12.1917
  • Law of the Central Council of the Ukrainian National Republic on the issuance of state notes denominated in Karbovanets and with nominal gold backing in the Russian standard of 1897; effective immediately.
  • 01.03.1918
  • Resolution of the "Small Council" (body of the Central Council of the Ukrainian National Republic) on the adoption of the Hryvnia of ½ Karbovanets as national currency; effective immediately.
  • 1918-1922
  • Issuance of paper money by the government of the "Ukrainian National Republic" in both Karbovanets and Hryvnia denominations:
    - 05.01.1918: Issuance of State Bank notes of 100 Karbovanets (withdrawn 24.09.1918)
    - 30.03.1918: Issuance of State Treasury notes of 50, 25 Karbovanets
    - 18.04.1918: Issuance of stamps as emergency subsidiary money of 50-10 Shah
    - 17.10.1918: Issuance of State Bank notes of 500, 100, 10, 2 Hryvnia
    - ??.04.1919: Issuance of State Treasury notes of 5 Hryvnia
    - 13.11.1919: Issuance of State Treasury notes of 250, 100, 25, 10 Karbovanets
    - ??.??.1920: Issuance of (unreleased) State Bank notes of 1000, 50 Hryvnia.
  • 1918
  • Issuance of paper money by the government of the "Ukrainian State" in Hryvnia denominations:
    - 01.05.1918: Issuance of interest bearing State Treasury notes in denomination of 1'000 Hryvnia of ½ Karbovanets and lower (interest was accrued from 01.01.1918 and could be collected until 30.06.1933)
    - 17.10.1918: Issuance of State Bank notes of 2'000, 1'000 Hryvnia
    - 30.11.1918: Issuance of State Treasury notes of 1'000 Karbovanets.
  • 1919
  • Issuance of paper money by the government of the "Ukrainian Socialist Soviet Republic" in Karbovanets denominations:
    - 09.05.1912: Issuance of (possibly unreleased) State Treasury notes in denomination of 10 Karbovanets
    - ??.02.1919: Issuance of (unreleased) State Bank notes of 50 Karbovanets.
  • 08.05.1920
  • Resolution of Council of People's Commissars of the Ukrainian Socialist Soviet Republic on the withdrawal of the Ukrainian paper money; effective immediately
    - 31.05.1924: Demonetization of all previous currencies on the territory of the USSR at a rate of 1 Soviet Ruble (1924) = 50'000'000'000 Russian Rubles (pre-1921); remaining Ukrainian paper money was probably treated alike.

Valuation Regimes

  • 1918-1924
  • Variable rate, highly inflationary; nominally 1 Karbovanets (1918) = 2 Hryvnia (1918) = 1 Russian Ruble (1897) in gold.


Time Period: 1942-1944

Currency: 2nd Ukrainian Karbovanets


Timeline

  • 05.03.1942
  • Ordinance ["Verordnung über die Errichtung einer Zentralnotenbank in der Ukraine"] of the German minister for the occupied territories on the establishment of the Central Issuing Bank of Ukraine; effective upon constitution of the bank (city of Rivne) on 01.07.1942
  • 01.07.1942
  • Konstituierung durch Übernahme der Reichskreditkassen und Geschäftseröffnung (Sitz in Riwne)
  • 04.07.1942
  • Ordinance ["Verordnung über die Währung im Reichskommissariat Ukraine"] on the creation of a distinct currency for the "Reichskommissariat Ukraine"; effective immediately
    - Amended by ordinances of 16.07.1942 and 29.09.1942.
  • 21.09.1942
  • Start of issuance of the new banknotes.
    - German occupation currency (issued by the "Reichskreditkassen") remained current at a rate 1 German Reichsmark = 10 Ukrainian Karbovanets (1942); Soviet paper money of 3, 1 Ruble were tolerated intermittently.
  • 1944-1945
  • Soviet reconquest of the occupied territories: Reintroduction of the Soviet currency, probably no redemption of the occupation money.

Valuation Regimes

  • 1942-1944
  • Fixed rate against German Reichsmark

Rate Arrangements

  • 04.07.1942
  • Fixed
  • German Reichsmark at 1 : 10
  • -


Time Period: 1992-1996

Currency: 3rd Ukrainian Karbovanets


Timeline

  • 20.03.1991
  • Parliamentary resolution [No. 872-XII] on the banking in Ukraine, including the nationalization of the State Bank of the USSR as National Bank of Ukraine; effective upon constitution of the bank on 07.11.1991 (by parliamentary resolution [No. 1605-XII]
  • 28.12.1991
  • National Bank and Government resolution [No. 378] on the creation of an interim ("coupon") currency for circulation in parallel with the Soviet currency (as first phase of the introduction of a national currency as foreseen in the 1991 constitution); effective immediately
  • 10.01.1992
  • Start of currency exchange:
    - 10.01.1992: Start of issuance of the new "coupon" banknotes
    - Circulating in parallel with the Soviet / Russian currency, initially approximately 25% of the salaries were paid out in Karbovanets)<
  • 07.11.1992
  • Presidential decree [No. 549] on Ukraine's exit from the "Ruble zone" and demonetization of the Soviet and Russian money (as second phase of the introduction of a national currency as foreseen in the 1991 constitution); effective 12.11.1992.
    - 16.12.1992: Demonetization of the Soviet and Russian banknotes.

Valuation Regimes

  • 1992-1996
  • Variable rate, initially on par with the Russian Ruble (1992)

Rate Arrangements

  • 10.01.1992
  • Fixed
  • Russian Ruble (1992) at 1 : 1
  • ±0.0%
  • 16.11.1992
  • Variable
  • initially: Russian Ruble (1992) at 1 : 1.45
  • -31.0%


Time Period: 1996-

Currency: 2nd Ukrainian Hryvnia


Timeline

  • 25.08.1996
  • Presidential decree [No. 549] on the currency reform (as third and last phase of the introduction of a national currency as foreseen in the 1991 constitution); effective 02.09.1996
  • 02.09.1996
  • Start of currency exchange:
    - 02.09.1996: Start of issuance of the new banknotes and coins
    - 16.09.1996: Demonetization of the former currency.
  • 20.05.1999
  • Law [No. 679-XIV] on the central bank (replacing the 1991 interim decree); effective immediately
  • 2014-
  • Russian annexation of Crimea:
    - 27.05.2014: Russian presidential decree on the sole legal tender status of the Russian currency (Ukrainian money had to be exchanged individually); effective 01.06.2014

Valuation Regimes

  • 1996-
  • Variable rate; after the Russian attack on 24.02.2022 the rate was fixed against US Dollar

Rate Arrangements

  • 02.09.1996
  • Variable
  • initially: US Dollar at 1 : 1.76
  • ±0.0%
  • 24.02.2022
  • Fixed
  • US Dollar at 1 : 29.255
  • ±0.0%
  • 21.07.2022
  • Fixed
  • US Dollar at 1 : 36.579
  • -20.0%


End-year Forex Rates (Units per US Dollar)