NBU will abolish kopecks by the end of the year: what will replace them

Ukraine is preparing to replace kopecks with 'hryvnias' by the end of the year. This spring, Ukraine plans to issue new coins with the first printing of the people's name, concluding the monetary reform, said the head of the National Bank of the country, Andriy Pyshny, adding that this will help get rid of symbols of former support for Moscow.

'We must finally complete... the monetary reform and remove any relativity, any ties with Moscow. Because we have our own (name). And it's time, finally, to return it back.'

He also mentioned that the term 'hryvnia' was used in Ukraine as a currency unit back in the 16th-17th centuries, and the corresponding banknotes were in circulation during the Ukrainian Revolution of 1917-1921. New coins are planned to be issued by the end of this year.

Abolition of 'kopecks' and response to criticism

It is known that while remaining in only three former Soviet republics, including Russia, Belarus, and Ukraine, 'kopeck' faced protests from the National Securities and Stock Market Commission. Former member of the board of the National Bank Vitaliy Shapran also emphasized that the coin with the inscription 'hryvnia' has never been in circulation on the territory of Ukraine.

By planning the issuance of new coins with the first printing of the people's names on them, Ukraine is preparing for the complete conclusion of the monetary reform and the abolition of 'kopecks'. This initiative is aimed at getting rid of symbols of support for Moscow and restoring the national currency.