Ukraine to ditch "kopiika": National Bank explains when "shah" will be introduced

The first coins called "shah" instead of "kopiika" may appear in Ukraine in the first half of 2025. However, the relevant draft law must be supported by MPs in 2024.

This was announced by the head of the National Bank of Ukraine Andriy Pyshnyi. He noted that it is not yet clear whether the change in the name of the coins will be accompanied by their denomination, i.e., the abandonment of the small denomination.

"If the parliament supports our initiative this year, we will be able to get the shah in circulation in the first half of 2025. As for denomination, this is a separate issue that we are constantly analyzing, taking into account the circulation of coins, but we have no such decision yet," Pyshny said.

Why did the NBU decide to rename the kopiika?

He emphasized that the idea of renaming the coins is not new. It was "just waiting for its time" because the fact that in the third year of a full-scale war "something that connects us with the colonial past" remains in Ukrainian money circulation is nonsense.

"The kopiika (kopeks) now remains only in the "swamps" (in Russia - Ed.), in Belarus, Transnistria, and here. Therefore, we decided to revive the name of the Ukrainian coin shah to restore justice to the Ukrainian monetary system and to clear the monetary sovereignty of the slightest affinity with anything Moscow," Pyshnyi explained.

How many kopiika will be in 1 shah

Earlier, the regulator itself said that the ratio between a kopiika and a shah would 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 shah into circulation. As well as the procedure and terms for withdrawing kopiika from circulation.

Kopiika will not be exchanged for shah

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

• kopiika and shah coins will be in circulation simultaneously;
• citizens will not need to take additional measures to exchange kopiika for shah.

"This will make it possible to avoid additional costs associated with the disposal of kopiika and the production of shah to replace them. The gradual introduction of coins denominated in shah 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.

As previously reported, changing the name of the Ukrainian coin kopiika to shah will not require additional costs from the state budget or the budget of the National Bank.

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