Kathrine Frich
Money often carries the memory of power.
Across history, coins and notes have reflected empires, revolutions, and shifting identities.
When nations change direction, even the smallest denominations can become symbols of independence.
Currency reform
Ukraine’s central bank plans to replace the word “kopeck,” used for the smallest unit of the hryvnia, with a new term from the country’s own history.
The move, announced by National Bank governor Andriy Pyshny in an interview with Reuters, is part of a reform intended to sever the last linguistic links with Moscow.
Pyshny said the replacement could take effect this year. “We must finally complete this reform and eliminate any connection with Moscow. We have our own tradition, and the time has come to reclaim it,” he told the agency.
Historic revival
The planned name, “shah,” dates to the 16th and 17th centuries and was later used during the Ukrainian Revolution of 1917–1921.
The hryvnia itself was introduced in 1996, but the kopeck survived as a Soviet-era remnant.
Public consultations are now underway, and parliament is preparing to consider the proposal.
Breaking ties
The kopeck remains in circulation only in Russia, Belarus, and Ukraine, countries once bound by the Soviet monetary system.
Pyshny highlighted that connection, noting that both Moscow and Minsk maintain close political and financial ties.
The reform follows a wider campaign to remove Soviet symbols from Ukrainian life, including renaming towns and streets and dismantling monuments.
Officials say the currency change reflects the same effort to assert a separate national identity.
Public opinion
A recent poll by the International Institute of Sociology in Kyiv showed that more than 90 percent of Ukrainians now view Russia negatively.
Authorities insist that the shift will not raise costs for citizens, as existing 50-kopeck coins will be gradually replaced by the new unit.
Sources: Reuters, News.ro, Digi24, International Institute of Sociology (Kyiv)
This article is made and published by Kathrine Frich, who may have used AI in the preparation
