The National Bank of Ukraine (NBU) has initiated legislative changes that provide for the replacement of pennies at the stage of the hryvnia exchange coin. This initiative has already been supported by the head of the NBU Andrii Pyshnyi, and the final decision will depend on the Verkhovna Rada of Ukraine.
According to Pyshnyi, the introduction of steps is not only a matter of symbolism, but also a step towards the restoration of historical justice.
"The kopeck, as a bargaining chip, is a legacy of the Soviet past and is evidence of Moscow's influence on reforming the monetary system in Ukraine in the 1990s. Instead, shag is a specific Ukrainian name that has deep historical roots. Back in the days of the Ukrainian People's Republic and the Hetmanate, the shag was a part of money circulation," instead of the head of the NBU.
He recalled that in 1992, a trial batch of steps was even printed in Ukraine at the Luhansk Machine-Building Plant. However, according to Pyshnyi, the national name never took hold because of the Moscow lobby.
Andriy Pishnyi emphasizes that the transition at the stage will not require additional expenses from the state budget.
"It will not cost Ukrainians a single step or hryvnia. The National Bank knows how to ensure economical implementation of this initiative," he emphasized.
It is planned that new coins will start minting as early as 2025. For citizens, the transition will be imperceptible: pennies are gradually withdrawn from circulation, and shags appear in their place.
The step is not only historically rooted in Ukrainian culture, but is also often mentioned in folklore. This word is evidence of the originality of the Ukrainian monetary system.
According to the chairman of the NBU, the implementation of the steps will contribute to the formation of national identity and the elimination of the Soviet legacy in the economic sphere.
In order for the initiative to become real, it is necessary to make appropriate changes to the legislation. The Verkhovna Rada of Ukraine should consider the proposal of the National Bank in 2024. If it is adopted, in 2025 Ukraine will start using steps as a part of the hryvnia.
