This year, the Ukrainian hryvnia turned 30 years old. During this period, it survived more than one economic crisis, and today it stands the test of a major war. And in fact, own currency is a much more important asset than we once thought.
I came across an interesting study by the Bank for International Settlements that illustrates this well.
The researchers analyzed the history of 568 state coins for the years 1850-2026. Of these, 405 have already ceased to exist. The median cycle time is only 33 years, and almost one in four coins did not last even ten years.
The reasons are different. In 35% of the cases, coins were exchanged due to a change of name or monetary unit. Almost every fifth case was caused by inflation (19.5%). Another 14.1% is due to wars and conflicts and the disappearance of the jurisdictions that issued this money.
The authors of the study counted five Ukrainian coins. The first carbonates and hryvnias of 1918 lasted less than a year. After the restoration of independence, we once again passed the road to our own money: from temporary vouchers in 1992 to the introduction of the hryvnia on September 2, 1996.
History shows how closely the fate of the national currency is related to the stability of the country itself. And the Rivania is not only a symbol of our independence. Where we, the Ukrainians, receive salaries and pensions, save savings and plan our future.
Therefore, protecting the hryvnia primarily means protecting Ukrainians' earnings and their confidence in their money. Especially now, during the war.