The National Bank of Ukraine is initiating a change in the name of the kopiyka coin to the shah, arguing that the name kopiyka is of Moscow and imperial origin.
This is stated in the press service of the NBU.
They believe that the name change will restore historical justice, promote de-Russification and revive national traditions in money circulation.
"Having studied the history of Ukraine's money circulation, we have come to the undeniable conclusion that the name kopiyka for the 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. We have our own, specifically Ukrainian, word for small coins - the word shah,’ said Andriy Pyshnyy, Governor of the National Bank of Ukraine.
The financial institution reminded that the name shah was used both in Ukraine and in Ukrainian monetary counting from the 16th to the 17th centuries.
"The name kopiyka has a Moscow, imperial origin. In the context of large-scale Russian aggression, replacing kopiykas with shahs is an important and necessary step, as today kopiykas are in circulation only in states hostile to Ukraine," the NBU added.
The NBU has already developed proposals for the necessary legislative changes. In particular, it is proposed to establish a 1:1 ratio between the kopiyka and the shah.
If the NBU supports this initiative, it will also develop a design and determine the procedure for putting shahs into circulation, as well as the procedure and terms for withdrawing kopiykas from circulation.
The NBU will submit the draft laws to the Verkhovna Rada of Ukraine for consideration and approval after they have been agreed with the relevant government agencies.
If the Verkhovna Rada adopts the relevant laws, the NBU will be able to start minting and putting into circulation Ukrainian change coins denominated in shahs.
At the same time, the NBU does not plan to specifically withdraw kopiyka-denominated coins from circulation and exchange them for shahs by changing their name. The kopiyka and shah coins will continue to circulate in parallel, and no additional measures will be required to exchange kopiykas for shahs. This will help to avoid additional costs associated with the disposal of kopiykas and the production of shahs to replace them. The gradual introduction of shah-denominated coins into circulation as part of the planned issue will not affect inflation, as it is not expected to increase the amount of cash in the economy.