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Investopedia explains 'UAH (Ukraine Hryvnia)'
The hryvnia became the national currency of Ukraine when it replaced the karbovanets at a rate of 100,000:1 in 1996 because of the hyperinflation that occurred in the '90s as a result of the collapse of the Soviet Union. Initially, the currency was introduced at an exchange rate with the U.S. dollar of 1.76 Ukrainian hryvnia to 1 U.S. dollar. Since 1998, when the Asian financial crisis devalued the currency, the exchange rate has remained stable at around 5 hryvnia to 1 U.S. dollar.
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