Ukraine's Currency Shift: The Introduction of 'Shag' Coins

The head of the National Bank of Ukraine, Andriy Pyshny, announced intentions to replace the 10 and 50 kopeck coins with new coins called «shag». He mentioned that the term «kopeck» is more closely associated with Moscow than with Ukraine.

This information was reported by a correspondent from the Ukrainian Information Service, citing Pyshny's interview for Ukrainian Radio.

Pyshny noted that the idea of transitioning to «shag» has been discussed since Ukraine gained independence, with a trial batch of such coins minted in 1992, but at that time, there was insufficient political will to implement them.

Currently, the National Bank is awaiting approval from the Verkhovna Rada. Once granted, it plans to cease minting kopecks and start producing coins under the new name. According to Pyshny, this process will not incur additional costs to the state budget.

He emphasized that the transition to «shag» would not affect the purchasing power of the hryvnia. At present, around 14 billion coins of 10 and 50 kopecks are in circulation, and each year the National Bank is compelled to mint at least 20 million of these coins.

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