"Kopecks" will be officially abolished in Ukraine: will it be necessary to change money? Details from the NBU

The National Bank of Ukraine (NBU) is initiating a change of name of the Ukrainian coin "kopiyka" to "shah". The reason is that the name "kopiyka" is actually a symbol of Moscow's occupation, while "shah" is a Ukrainian word for small coins, which will restore the Ukrainian coins' identity. At the same time, the regulator does not plan to withdraw kopiykas from circulation and exchange them for shahs due to the name change. Accordingly, Ukrainians will not need to change their coins on purpose.

This was reported by the NBU itself. They noted that the regulator has now developed proposals for the necessary legislative changes, which include, in particular, the introduction of appropriate amendments to Article 32 of the Law "On the National Bank of Ukraine". The NBU has also developed proposals for the necessary legislative amendments, including amending Article 32 of the Law of Ukraine "On the National Bank of Ukraine" and repealing two resolutions of the Presidium of the Verkhovna Rada of Ukraine:

• "On the banknote of Ukraine" No. 2156-XII dated March 2, 1992;
• "On Approval of the Name and Characteristics of the Currency of Ukraine" No. 1952-XII dated December 10, 1991.

It is also planned to amend the Laws "On Pensions", "On Capital Markets and Organized Commodity Markets", and Article 249 of the Tax Code of Ukraine. The goal is to synchronize terminology.

"The NBU will submit the draft laws to the Verkhovna Rada of Ukraine for consideration and approval after coordination with the relevant state authorities. If the relevant laws are adopted, the NBU will be able to proceed with the practical implementation of the initiative – minting and putting into circulation Ukrainian change coins denominated in shahs," the NBU said.

Why kopecks are going to be renamed

The National Bank explained that they are initiating the renaming of the coins to restore historical justice. And also:

• promoting de-Russification;
• revival of national traditions in Ukraine's money circulation.

"Having studied the history of Ukrainian money circulation, we have come to the undeniable conclusion that the name "kopiyka" for a change coin is actually a symbol of the Moscow occupation. Today, the Ukrainian people are reclaiming everything that was unjustly stolen from them and mutilated by Kremlin narratives. It's time to restore justice to the monetary system, to cleanse monetary sovereignty of the slightest affinity with anything Moscow. We have our own, specifically Ukrainian, word for small coins – the word "shah," the statement said.

The NBU emphasizes that the name "shah" is of ancient Ukrainian origin. It has already been used both on the territory of Ukraine and in Ukrainian monetary counting (from the 16th to the 17th centuries).

"This is a unique name for the coin, which is not known to other linguistic cultures. It is widely used in classical Ukrainian literature, in particular, it is often mentioned in the works of Taras Shevchenko, Lesia Ukrainka, and other writers," the regulator said.

In addition, they said, during the Ukrainian Revolution of 1917-1921, banknotes called "shah" were introduced into real money circulation. This was enshrined in law.

"The name "kopiyka" has a Moscow, imperial origin. In the context of large-scale Russian aggression, replacing kopecks with shahs is an important and necessary step, because today kopecks are in circulation only in states hostile to Ukraine," the National Bank summarized.

How many kopecks will be in 1 shah

At the same time, the regulator noted that the ratio between the "kopiyka" and the "shah" will be 1:1. That is, there will be no revaluation of coins.

It is emphasized that in the future, the NBU intends to develop a design and determine the procedure for putting "shahs" into circulation. As well as the procedure and terms for withdrawing kopiykas from circulation.

Kopecks will not be exchanged for shahs

At the same time, the NBU noted that it does not plan to specifically withdraw coins denominated in kopecks from circulation and exchange them for kroons due to the name change. Accordingly:

• "kopiyka" and "shah" coins will be in circulation in parallel;
• "citizens will not need to take additional measures to exchange kopiykas for shahs."

"This will make it possible to avoid additional costs associated with the disposal of kopiykas and the production of shahs to replace them. The gradual introduction of coins denominated in shahs within the planned issue will not affect inflation, as it is not expected to increase the amount of cash in the economy," the National Bank said.

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