What is 'UAH (Ukraine Hryvnia)'

UAH is the currency abbreviation for the Ukraine hryvnia, the currency for Ukraine. The hryvnia comprises 100 kopiyky, the plural of kopiyka, and is often presented with a symbol based on the cursive Ukrainian letter He, which looks like a backwards S, 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. The currency is named for a unit of weight used in the Slavic region during medieval times.

BREAKING DOWN 'UAH (Ukraine Hryvnia)'

After the collapse of the Soviet Union, the UAH became the national currency of Ukraine when it replaced the karbovanets because of the hyperinflation that occurred in the 1990s 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 one U.S. dollar. As of 2018, the currency has been devalued, with a rate of more than 26 UAH to one U.S. dollar.

Recent developments with the UAH (Ukraine Hryvnia)

As of April 2018, the hryvnia had strengthened against the U.S. dollar by 6.5 percent since the start of the year, according to the Ukrainian Independent Information Agency of News, or UNIAN. But while S&P improved Ukraine's GDP forecast for 2018, it lowered its expectations for the next two years, according to an April 2018 report, waiting in expectation for the hryvnia to strengthen in 2020 and beyond.

The report noted that the chance for economic recovery "continues to be driven by strengthening domestic demand, high commodity prices, and the economy's ability to quickly adapt to the Donbas trade blockade." It added that the "growth drivers in the Ukrainian economy will remain broadly unchanged, with domestic demand as the main contributor. Notwithstanding macroeconomic improvements, Ukrainian per capita wealth levels remain low."

An article published in May 2018 argued that the West, including the International Monetary Fund, needed to do more to support Ukraine's political system and economy, offering support and engagement to reform-minded politicians seeking to root out corrupt leaders.

"Wealthy businessmen dominate the parliament, but even so the parliament promulgates surprisingly reformist laws," UNIAN quoted Anders Aslund, senior fellow at the Atlantic Council. "Ukraine has not stopped. It is fighting its internal battle over reform or corruption."

He added that, "unless the country receives IMF financing, it can hardly get through 2018 without a major depreciation of the Ukrainian hryvnia, which would be devastating in the 2019 elections. Politically, Ukraine needs Western support against Russian military aggression. This is well understood in Kyiv."

RELATED TERMS
  1. JPY

    The currency abbreviation or the currency symbol for the Japanese ...
  2. Hard-Coded Stock

    This is a term that refers to a company's stock symbol or ticker ...
  3. Currency Symbol

    Currency symbol is a graphical symbol used as a substitute for ...
  4. NZD

    In the currency market, this is the abbreviation for the New ...
  5. KRW

    The currency abbreviation or currency symbol for the Korean won ...
  6. Currency

    Currency is a generally accepted form of money, including coins ...
Related Articles
  1. Investing

    Why Soros Says "EU's Biggest Asset is the Ukraine"

    The explicit support for the Ukraine by Soros likely owes more to his philosophical and political leanings than his portfolio returns.
  2. Tech

    The Worst Performing Currencies Of 2015

    The U.S. dollar has strengthened over the past year while weakness in Europe and the former Soviet Union has led to declines in those currencies.
  3. Trading

    The Origins Of Common Currency Symbols

    Check out some of the world's most heavily traded currencies and their origins.
  4. Investing

    Gas Dispute Poses Risks For Both The EU And Russia

    The Russia-Ukraine gas dispute has caused energy insecurity for the EU, which is seeking new gas suppliers, and market uncertainty for Russia's Gazprom.
  5. Trading

    10 Countries With The Biggest Forex Reserves

    Without adequate reserves, a nation's economy can grind to a halt. Here are the 10 nations with the biggest forex reserves.
  6. Trading

    Why the Russian Ruble Is One of the Best Performing Currencies of 2016

    The ruble should continue to see support under current conditions, and could easily close the year off with a gold medal for performance against the U.S. dollar.
  7. Trading

    Drastic Currency Changes: What's The Cause?

    Currency fluctuations often defy logic. Learn the trends and factors that result in these movements.
  8. Trading

    On This Day In Finance: July 6 - The United States Adopts The Dollar

    The U.S. adopts the dollar as a monetary unit.
  9. Trading

    Interest Rate and Currency Value And Exchange Rate

    In general, higher interest rates in one country tend to increase the value of its currency.
RELATED FAQS
  1. Why are futures contracts important?

    Learn about social and economic functions of futures contracts and the futures market, and discover why speculators help ... Read Answer >>
  2. Why is the U.S. dollar shown on the top of some currency pairs and on the bottom ...

    All currencies are traded in pairs. The first currency in the pair is called the base currency while the second is called ... Read Answer >>
  3. Is there a world currency? If so, what is it?

    There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has ... Read Answer >>
  4. What are key economic factors that can cause currency depreciation in a country?

    Read about the causes of currency devaluation, and find out how to differentiate between relative and absolute currency devaluation. Read Answer >>
  5. Why isn't the U.S. dollar worth more than the British pound?

    When one country's currency is worth more than another, it does not necessarily indicate a stronger economy. Here's why. Read Answer >>
Hot Definitions
  1. Internal Rate of Return - IRR

    Internal Rate of Return (IRR) is a metric used in capital budgeting to estimate the profitability of potential investments.
  2. Limit Order

    An order placed with a brokerage to buy or sell a set number of shares at a specified price or better.
  3. Current Ratio

    The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long-term obligations.
  4. Return on Investment (ROI)

    Return on Investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency ...
  5. Interest Coverage Ratio

    The interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a company can pay interest ...
  6. Cash Conversion Cycle - CCC

    Cash conversion cycle (CCC) is a metric that expresses the length of time, in days, that it takes for a company to convert ...
Trading Center