UAH (Ukraine Hryvnia)


DEFINITION of 'UAH (Ukraine Hryvnia)'

The currency abbreviation for the Ukraine hryvnia (UAH), the currency for Ukraine. The Ukraine hryvnia is made up of 100 kopiyka and is often presented with a symbol based on the cursive Ukrainian letter "He", which looks like a "3" with a double horizontal stroke through the middle. The double strokes are seen on other currencies such as the euro and the yen because they symbolize stability.

BREAKING DOWN '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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