The Hryvnia, sometimes called the Hryvnya or Grivna, has been the national currency of Ukraine since 1996. The Hryvnia is subdivided into 100 kopiyok.
The economy of the Ukraine is a free market economy. The GDP fell sharply for the first 10 years of its independence from the Soviet Union, then experienced rapid growth from 2000 to 2008.
Formerly a major component of the economy of the Soviet Union, the country's economy experienced a deep recession during the 1990s, including hyperinflation and a drastic fall in economic output.
In 1999, at the lowest point of its economic crisis, Ukraine’s per capita GDP was about half of the per capita GDP it had achieved before independence.
Ukraine was greatly affected by the economic crisis of 2008 and as a result its GDP fell almost 15.1% between 2008 and 2009.
A currency called Hryvna was used in Kievan Russia.
In 1917, after the Ukranian National Republic declared independence from the Russian Empire, the name of the new Ukrainian currency was Hryvna, a variation on the Kievan Russian Hryvna.
The Hryvnia replaced the Karbovanets in September, 1996 at a rate of 1 Hryvnia = 100,000 karbovantsiv. The Karbovanets was subject to hyperinflation in the early 1990s, following the fall of the Soviet Union.
The Hryvnia was introduced according to a President’s Decree dated August 26, 1996 and published on August 29th. During the transition period (September 2–16) both the Hryvnia and the Karbovanets were in circulation, but merchants were required to give change only in Hryvnias.
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