The Hryvnia (sometimes also spelled as Hryvnya, Hrivna, Gryvna, Hryvni, or Grivna) is the national currency of Ukraine from 2 September 1996. The Standard English spelling for the Ukrainian banknote is Hryvnia, which is also the spelling, used by the National Bank of Ukraine, which is the central bank of Ukraine.
The Hryvnia replaced the Karbovanets, which underwent serious hyperinflation in the early 1990s following the disintegration of the erstwhile Soviet Union (Union of Soviet Socialist Republics or USSR) in September 1996. Hryvnia was introduced as the official currency of Ukraine from August 26, 1996 by the President’s Decree of that date (but published on August 29).
The Ukrainian parliament adopted The Act of Declaration of Independence of Ukraine on August 24, 1991, establishing the country as a democratic state, independent from the Soviet Union. Ukraine was one of the founding republics of the Soviet Union, and it is the largest contiguous country on the European continent.
Though coins Hryvnia were minted in 1992, they were not introduced till 1996. In 1996, the first series of Hryvnia banknotes was circulated, which were also dated 1992, by the National Bank of Ukraine.
According to the Ukrainian currency system, one Hryvnia is subdivided into 100 Kopiyok, and coins of the denominations 1, 2, 5, 10, 25, 50, and 1 Hryvnia were issued. Hryvnia banknotes of the denominations 1, 2, 5, 10, 20, 50, 100, 200, and 500 Hryvnia were also issued.
The official exchange rate of Hryvnia against some foreign currencies as on 14.03.2011 is shown as 100 USD = 793.5100, 100 EUR = 1092.9013, and 10 RUB = 2.7714 by the website of the National Bank of Ukraine. For the current exchange rate against these currencies, and also the major international currencies, direct from the National Bank of Ukraine, CLICK HERE.
Note: the photo of 500 Hryvnia banknote, obverse and reverse sides, of the 2006 issue series, shown above is a freak with unnatural colors.