Ukrainian Currency — The Hryvnia (UAH) in 2026

Q: What is the currency of Ukraine?

Ukraine's currency is the hryvnia (symbol ₴ , ISO 4217 code UAH ). It has been Ukraine's currency since 2 September 1996.

Q: Who manages Ukrainian monetary policy?

The National Bank of Ukraine (NBU), founded 20 March 1991. Its current Governor is Andriy Pyshnyy , appointed on 7 October 2022 (during the full-scale war). NBU targets 5% CPI inflation in the medium term.

Q: What is the current NBU policy rate?

The NBU key policy rate is 15.00% , after a 0.5 pp cut in January 2026 and a hold at 15% at the March 2026 meeting.

Q: How many hryvni is one US dollar worth?

At the latest daily close, 1 USD ≈ 43.64 UAH . The hryvnia has weakened about 6% against the dollar over the past 12 months under the NBU's managed-float regime. Before the February 2022 invasion, USD/UAH was around 27.

Key Facts: The Ukrainian Hryvnia

ISO 4217 code: UAH · Symbol: ₴. Subdivided into 100 kopiyky. Name traces to Kyivan Rus' hryvnia — a silver-weight unit dating to the 11th century.
Central bank: National Bank of Ukraine (est. 1991). Kyiv-based. Governor Andriy Pyshnyy since 7 October 2022 (appointed during war).
Policy rate: 15.00% · Inflation forecast 7.5% (2026). NBU cut rate 0.5 pp to 15% in January 2026, then held in March. Inflation falling from war-era peaks.
1 USD ≈ 43.64 UAH. The hryvnia has weakened ~6% against the dollar over the past year. Before Russia's February 2022 invasion, USD/UAH was ~27.
Currency at war — but stable. Despite full-scale invasion since Feb 2022, NBU has maintained a managed-float regime since October 2023, after initial FX fixing. Reserve stability supported by Western aid and remittances.

What Is the Currency of Ukraine?

Ukraine’s currency is the hryvnia (symbol ₴, ISO 4217 code UAH). It has been Ukraine’s currency since 2 September 1996, when it replaced the transitional Ukrainian karbovanets (which had, in turn, replaced the Soviet rouble after independence in 1991). The hryvnia is subdivided into 100 kopiyky. The name honours the medieval Kyivan Rus’ hryvnia — a silver-weight unit of account used from the 11th century.

The hryvnia is issued by the National Bank of Ukraine (NBU), founded 20 March 1991. Since Russia’s full-scale invasion on 24 February 2022, the NBU has managed the hryvnia under war-era monetary frameworks: first a fixed peg, then (from October 2023) a managed float. Ukraine is not in the Eurozone; it is an EU candidate country since 23 June 2022, with formal accession negotiations opened on 25 June 2024.

Ukrainian Hryvnia to US Dollar — 1-Year Chart

The chart tracks USD/UAH daily close over the past year. The hryvnia’s trajectory is shaped by the war — Western aid disbursements, NBU FX interventions (drawing on reserves currently above $40 billion thanks to IMF and G7 support), and domestic inflation dynamics.

Ukrainian Hryvnia (UAH) to US Dollar — 1 Year
	Jul 30	Aug 03	Aug 05	Aug 07	Aug 11	Aug 13	Aug 17	Aug 19	Aug 21	Aug 25	Aug 27	Aug 31	Sep 02	Sep 04	Sep 08	Sep 10	Sep 14	Sep 16	Sep 18	Sep 22	Sep 24	Sep 28	Sep 30	Oct 02	Oct 06	Oct 08	Oct 12	Oct 14	Oct 16	Oct 20	Oct 22	Oct 27	Oct 29	Oct 31	Nov 04	Nov 06	Nov 10	Nov 12	Nov 14	Nov 18	Nov 20	Nov 24	Nov 26	Nov 28	Dec 02	Dec 04	Dec 08	Dec 10	Dec 12	Dec 16	Dec 18	Dec 22	Dec 24	Dec 29	Dec 31	Jan 05	Jan 07	Jan 09	Jan 13	Jan 15	Jan 19	Jan 21	Jan 23	Jan 27	Jan 29	Feb 02	Feb 04	Feb 06	Feb 10	Feb 12	Feb 16	Feb 18	Feb 20	Feb 24	Feb 26	Mar 02	Mar 04	Mar 06	Mar 10	Mar 12	Mar 16	Mar 18	Mar 20	Mar 24	Mar 26	Mar 29	Mar 31	Apr 02	Apr 06	Apr 08	Apr 12	Apr 14	Apr 16	Apr 20	Apr 22	Apr 26	Apr 28	Apr 30	May 04	May 06	May 10	May 12	May 14	May 18	May 20	May 24	May 26	May 28	Jun 01	Jun 03	Jun 07	Jun 09	Jun 11	Jun 15	Jun 17	Jun 21	Jun 23	Jun 25	Jun 29	Jul 01	Jul 05	Jul 07	Jul 09	Jul 13	Jul 15	Jul 19	Jul 21	Jul 23	Jul 27	Jul 29	Jul 31
UAH per USD	41.51	40.9	41.45	41.24	41.23	41.29	40.95	41.13	40.92	41.2	41.04	41.05	41.09	41.07	40.87	41	40.99	40.92	41.03	41.1	41.24	41.06	40.91	41.03	41.04	41.22	41.25	41.54	41.4	41.52	41.42	41.74	41.84	41.73	41.79	41.8	41.61	41.72	41.77	41.8	41.84	42.01	41.94	41.91	42.18	41.92	41.72	41.99	41.95	42	42.16	42.03	41.84	41.94	42.17	42.12	42.31	42.84	43.07	42.93	43.16	43.01	42.95	42.79	42.47	42.95	43	42.91	42.83	42.78	42.83	42.95	43.03	42.91	42.89	42.79	43.34	43.55	43.69	43.82	43.83	43.55	43.73	43.58	43.67	43.43	43.65	43.54	43.44	43.05	43.13	43.25	43.44	43.91	43.64	43.74	43.8	43.83	43.82	43.6	43.56	43.7	43.71	43.91	44.03	43.84	44.02	44	44.07	44.08	44.11	44.65	43.59	43.52	43.58	43.59	43.63	43.51	43.47	43.5	43.21	43.16	43.17	43.42	43.23	43.28	43.42	43.57	43.57	43.48	44.88

Over the past 12 months the hryvnia has weakened from about 41.15 to 43.64 UAH per USD — roughly 6% depreciation. This continues a controlled, gradual weakening rather than the catastrophic depreciation that happened in the first weeks of the 2022 invasion.

Banknotes and Coins

Ukrainian banknotes honour princes, hetmans, poets, and statesmen spanning a thousand years of Ukrainian history — from the medieval Kyivan Rus’ era to 20th-century figures.

Denomination	Figure / Motif	Context	Colour
1 ₴	Volodymyr the Great	Grand Prince of Kyiv (980–1015), baptised Rus’ in 988	Olive
2 ₴	Yaroslav the Wise	Grand Prince of Kyiv (1019–54), codified Rus’ law	Pink-red
5 ₴	Bohdan Khmelnytsky	17th-century Cossack hetman	Blue
10 ₴	Ivan Mazepa	Cossack hetman, 1687–1709	Violet
20 ₴	Ivan Franko	Ukrainian writer and polymath, 1856–1916	Green
50 ₴	Mykhailo Hrushevsky	Historian, first president of the Ukrainian Central Rada	Purple-violet
100 ₴	Taras Shevchenko	National poet of Ukraine, 1814–1861	Light green
200 ₴	Lesya Ukrainka	Writer and poet, 1871–1913	Brown-red
500 ₴	Hryhorii Skovoroda	18th-century philosopher and poet	Grey
1,000 ₴	Volodymyr Vernadsky	Scientist, founder of Ukrainian Academy of Sciences	Turquoise

Current Ukrainian hryvnia banknotes.

Coins come in several denominations in kopiyky and a 1 hryvnia coin. During the war, some small-denomination coins have become scarce in circulation.

Denomination	Composition & Design	Notes
10 копійок	Stainless steel; Ukrainian trident emblem	Since 1996
50 копійок	Aluminium-bronze	Since 1996
1 ₴	Steel / brass-plated	Since 2018
2 ₴, 5 ₴, 10 ₴	Commemorative / circulating coins	Issued in various designs

Ukrainian hryvnia coins in active circulation.

Detailed editorial infographic of all banknotes and coins of Ukrainian Currency — The Hryvnia (UAH) in 2026, showing each denomination's front, back, size, main color and motif, plus all circulating coins with their physical specifications. Portrait layout, editorial magazine style. — All notes and coins of Ukrainian Currency — The Hryvnia (UAH) in 2026 — denominations, motifs, and physical specifications.

History of The Hryvnia

The hryvnia’s modern history runs from the 1991 Soviet collapse through two major devaluations (1998 Asian-Russian crisis, 2014–2015 after Russia’s annexation of Crimea), and now through full-scale war. It has survived as a functioning currency thanks to NBU discipline and Western financial support.

Year	Event
1991	Ukraine declares independence 24 August; NBU founded 20 March.
1992	Transitional karbovanets introduced during hyperinflation.
1996	Hryvnia introduced on 2 September at 1 ₴ = 100,000 karbovanets.
1998	Asian-Russian financial crisis: hryvnia weakens from 1.9 to 5.1 per USD.
2008–2009	Global financial crisis: hryvnia falls from 4.8 to 8.0 per USD.
2014	Russia annexes Crimea; war in Donbas begins; hryvnia falls from 8 to 25 per USD.
2015	NBU adopts inflation targeting after the 2014–15 crisis.
2022	24 February: Russia launches full-scale invasion. NBU fixes hryvnia at 29.25 per USD.
2022	7 October: Andriy Pyshnyy appointed NBU Governor.
2023	October: NBU ends fixed peg, moves to managed float at ~38 per USD.
2024–2026	Gradual, controlled depreciation continues under managed float; reserves above $40 billion.
2026	NBU cuts policy rate 0.5 pp to 15% in January; holds at 15% in March meeting.

Key milestones in Ukrainian hryvnia history, 1991–2026.

The Ukrainian Economy and the Hryvnia

Ukraine’s economy in 2026 is a wartime economy. The full-scale Russian invasion that began on 24 February 2022 caused a 29% GDP collapse in 2022; recovery has been partial, with growth of 3.5% in 2025 — still far below pre-war levels. The export mix has shifted: grain corridor disruptions reduced agricultural earnings, IT services have grown as a share, and military-related manufacturing has expanded. Critical external support comes from Western aid packages (EU, US, IMF, G7) — often exceeding $50 billion per year in combined financial and military assistance.

NBU monetary policy operates within extraordinary constraints. After initially fixing the hryvnia at 29.25 per USD in February 2022, NBU moved to a managed float in October 2023 with gradual, controlled depreciation. The policy rate is 15.00%, following a 0.5 pp cut in January 2026 and a hold in March. Inflation, which peaked at 26.6% in December 2022, is forecast at 7.5% for end-2026, with a target of 5% by 2028. NBU gross reserves stand above $40 billion — an order of magnitude higher than pre-war — thanks to sustained Western support.

Using Hryvni in Ukraine

Card acceptance remains strong in Kyiv, Lviv, and other cities far from the front lines. Visa, Mastercard, and the domestic Prostir system work in supermarkets, cafés, and transport. Cash is more common in regions closer to combat or affected by power cuts — during blackouts, card terminals go offline. Apple Pay and Google Pay work in most urban areas.

Typical prices in hryvni (2026): espresso in a Kyiv café 60–100 ₴; lunch set 200–350 ₴; meal at a mid-range restaurant 500–900 ₴; a pint of Ukrainian craft beer 120–180 ₴; a mid-range Kyiv hotel room 1,800–3,500 ₴. ATMs at PrivatBank, Oschadbank, Raiffeisen Bank, and Ukrsibbank are widely available. During air-raid alerts, some ATMs temporarily stop dispensing — always carry a modest cash buffer.

The Hryvnia in Regional Context

Ukraine’s monetary context in 2026 is unique. Peers include other EU candidates (Moldova, Serbia) and its most important economic partner, the EU itself. Russia — Ukraine’s largest pre-war trading partner — is sanctioned and effectively isolated from Ukraine’s FX system.

Country	Code	Regime	Inflation	Policy rate
🇺🇦 Ukraine	UAH	Managed float	7.5% (2026f)	15.00%
🇲🇩 Moldova	MDL	Managed float	~5–6%	5.00%
🇵🇱 Poland	PLN	Free float	~2.5%	4.00%
🇷🇴 Romania	RON	Managed float	3.9% (2026f)	6.50%
🇭🇺 Hungary	HUF	Free float	2.1%	6.25%
🇹🇷 Turkey	TRY	Managed float	Target 16%	37.00%

Ukraine and its regional peers.

Frequently Asked Questions

What is the currency of Ukraine?

Ukraine’s currency is the hryvnia (symbol ₴, ISO 4217 code UAH). It has been Ukraine’s currency since 2 September 1996.

Is Ukraine in the Eurozone?

No. Ukraine is not an EU member — it was granted EU candidate status on 23 June 2022, with accession negotiations formally opened on 25 June 2024. Euro adoption is not on the current agenda; the immediate priorities are war financing and eventual EU accession.

Who manages Ukrainian monetary policy?

The National Bank of Ukraine (NBU), founded 20 March 1991. Its current Governor is Andriy Pyshnyy, appointed on 7 October 2022 (during the full-scale war). NBU targets 5% CPI inflation in the medium term.

What is the current NBU policy rate?

The NBU key policy rate is 15.00%, after a 0.5 pp cut in January 2026 and a hold at 15% at the March 2026 meeting.

How many hryvni is one US dollar worth?

At the latest daily close, 1 USD ≈ 43.64 UAH. The hryvnia has weakened about 6% against the dollar over the past 12 months under the NBU’s managed-float regime. Before the February 2022 invasion, USD/UAH was around 27.

How has the war affected the hryvnia?

The war has been the dominant force on the hryvnia since February 2022. Initial response: NBU fixed the currency at 29.25 per USD and imposed strict capital controls. In October 2023, NBU switched to a managed float, since which the hryvnia has weakened gradually and predictably rather than in disruptive jumps. Reserves have been rebuilt above $40 billion through Western aid, which has allowed NBU to smooth volatility during periods of market stress.

Who are on Ukrainian banknotes?

A comprehensive cast from Ukrainian history: medieval princes Volodymyr the Great (1 ₴) and Yaroslav the Wise (2 ₴); Cossack hetmans Bohdan Khmelnytsky (5 ₴) and Ivan Mazepa (10 ₴); writers Ivan Franko (20 ₴), Taras Shevchenko (100 ₴, the national poet), Lesya Ukrainka (200 ₴); historian and first republic leader Mykhailo Hrushevsky (50 ₴); philosopher Hryhorii Skovoroda (500 ₴); and scientist Volodymyr Vernadsky (1,000 ₴).