The National Bank of Ukraine (NBU) has initiated legislative changes that provide for the replacement of kopecks at the stage of the hryvnia circulation coin. This initiative has already been supported by NBU Governor Andriy Pyshny, and the final decision will depend on the Verkhovna Rada of Ukraine.
According to Pyshny, the introduction of steps is not only a matter of symbolism, but also a step towards restoring historical justice.
“The kopeck, as a currency coin, is a legacy from the Soviet past and is evidence of Moscow’s influence on the reform of the monetary system in Ukraine in the 1990s. On the other hand, shag is a specific Ukrainian name that has deep historical roots. Even during the times of the Ukrainian People’s Republic and the Hetmanate, shag was part of monetary circulation,” — instead of the head of the NBU.
He recalled that in 1992, a trial batch of shags was even printed in Ukraine at the Luhansk Machine Tool Plant. However, according to Pyshny, the national name never took root due to the Moscow lobby.
Andriy Pyshny emphasizes that the transition at this stage will not require additional expenditures from the state budget.
“This will not cost a single step or hryvnia for Ukrainians. The National Bank knows how to ensure the economical implementation of this initiative,” he emphasized.
It is planned that new coins will begin to be minted in 2025. For citizens, the transition will be imperceptible: kopecks are gradually being withdrawn from circulation, and shags appear in their place.
The word "shag" is not only historically rooted in Ukrainian culture, but is also frequently mentioned in folklore. This word is a testament to the originality of the Ukrainian monetary system.
According to the NBU chairman, 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 a reality, it is necessary to make appropriate amendments to the legislation. The Verkhovna Rada of Ukraine is to consider the National Bank's proposal in 2024. If it is adopted, in 2025 Ukraine will begin using steps as the exchange part of the hryvnia.
