The hryvnia fell to a new historic low: NBU sets record exchange rate
10 July 2024 11:21
on 10 July, the National Bank of Ukraine set a new official hryvnia exchange rate, which reached a historic low of 40.76 hryvnia to the dollar. This is 6 kopecks more than the previous day. The official euro exchange rate also rose to 44.08 hryvnia, according to "Komersant Ukrainian"
On the unofficial “black market”, the dollar is traded at a slightly higher rate – from 40.87 to 40.97 hryvnia, and the euro – from 44.32 to 44.49 hryvnia.
At bank cash desks, the average dollar exchange rate ranges from UAH 40.6 to 41.05, and the euro from 43.87 to 44.50. These figures are almost unchanged from the previous day.
The country’s largest banks, such as Privatbank, Ukrsibbank and FUIB, offer the dollar at the rate of UAH 40.40 to 41.00.
For non-cash card payments, the dollar rate at Privatbank is UAH 40.984, and at Monobank it is UAH 40.970.
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Hryvnia
The Ukrainian currency, the hryvnia, has deep historical roots that date back to the times of Kievan Rus. At that time, the hryvnia was a unit of weight and counting, and also served as a means of payment. After the collapse of the Soviet Union and Ukraine’s independence in 1991, the issue of creating its own national currency arose.
The process of introducing the hryvnia began in 1992, when the National Bank of Ukraine began designing new banknotes. In 1992-1993, the first hryvnia banknotes were printed, but their introduction was postponed due to the difficult economic situation in the country.
From 1992 to 1996, Ukraine used the coupon karbovanets as a temporary currency. This period was characterised by hyperinflation and economic instability.
on 2 September 1996, a monetary reform took place, which resulted in the introduction of the hryvnia as the national currency of Ukraine. Coupon karbovanets were exchanged for hryvnias at a ratio of 100,000: 1. This event was an important step in strengthening Ukraine’s economic independence.
The first hryvnia banknotes were issued in denominations of 1, 2, 5, 10, 20, 50 and 100 hryvnias. In 2001, a UAH 200 banknote was introduced, followed by a UAH 500 banknote in 2006, and a UAH 1,000 banknote in 2019.
Hryvnia coins have also undergone changes. Initially, coins were introduced in denominations of 1, 2, 5, 10, 25 and 50 kopiykas. Later, the 1 hryvnia (1997), 2 hryvnia (2004), 5 hryvnia (2019) and 10 hryvnia (2020) coins were introduced.
At the time of its introduction, the hryvnia exchange rate to the dollar was UAH 1.76 per USD. US DOLLAR. Over the years, the hryvnia has experienced several periods of devaluation, particularly during the economic crises of 1998, 2008 and 2014-2015.
