Transition from Coins to New Currency in Ukraine

The head of the National Bank of Ukraine, Andriy Pyshny, announced plans to transition from traditional 10 and 50 kopeck coins to new currency units named «shags». He stated that the term «kopeck» has its origins in Moscow and is only used in Moscow, Minsk, and temporarily occupied territories.

This information was reported by a correspondent for the Ukrainian Information Service, citing an interview with Pyshny for Ukrainian Radio.

Pyshny emphasized that the idea of transitioning to «shags» was first proposed in 1992, when a trial batch of such coins was produced, but at that time there was a lack of political will to implement them.

Currently, the National Bank is awaiting approval from the Verkhovna Rada. Following this, the minting of old kopecks will cease, and the issuance of coins under the new name will begin. According to the head of the NBU, this process will not require additional expenditures from the state budget.

Pyshny assured that the transition to «shags» will not affect the purchasing power of the hryvnia. Approximately 14 billion 10 and 50 kopeck coins are still in circulation, and the NBU is forced to mint at least 20 million of these coins annually.

In Pyshny's view, this step will ultimately solidify Ukraine's monetary sovereignty and eliminate the use of the term «kopeck» with its Moscow roots. Most former Soviet republics have already abandoned this term, and it is time for Ukraine to reclaim the historical name of its currency.