Transition to a New Currency: Ukraine's Change of Coins
The head of the National Bank of Ukraine, Andriy Pyshny, announced intentions to replace the 10 and 50 kopeck coins with new 'shagi'. According to him, the term 'kopeck' is of Moscow origin, retained only in Moscow and a few other places.
This information was revealed in an interview with Andriy Pyshny for Ukrainian Radio.
Pyshny noted that the transition to new coins should have happened back in 1992, but at that time, there was a lack of political will to implement this change.
Currently, the National Bank is awaiting approval from the Verkhovna Rada. After that, it plans to cease minting kopecks and begin issuing 'shag' coins. According to the head of the National Bank, this process will not require additional expenditures from the state budget.
Pyshny emphasized that transitioning to 'shagi' will not affect the purchasing power of the hryvnia. There are currently around 14 billion coins of 10 and 50 kopecks in circulation, and every year the National Bank is forced to mint at least 20 million of such coins.
In Pyshny's opinion, this step will definitively reinforce Ukraine's monetary sovereignty and eliminate the term 'kopeck' with its Moscow roots. Most former Soviet republics have already abandoned this term, and it is time for Ukraine to reclaim the historical name of its currency coins.