The head of the National Bank of Ukraine, Andriy Pyshny, announced intentions to replace 10 and 50 kopeck coins with new currency known as 'steps'. He mentioned that the term 'kopeck' is of Russian origin and is only used in Moscow, Minsk, and in territories temporarily occupied by Russia.
This information was reported by a correspondent from the Ukrainian Information Service, referencing an interview with Pyshny for Ukrainian Radio.
Pyshny emphasized that the introduction of 'steps' should have occurred back in 1992, but the lack of political will prevented its implementation.
Currently, the National Bank is awaiting approval from the Verkhovna Rada. After this, the minting of kopecks will cease, and the issuance of 'step' coins will commence. According to the head of the NBU, this process will not require additional public budget expenditure.
Pyshny stressed that the transition to 'steps' will not affect the purchasing power of the hryvnia. Presently, there are about 14 billion coins in circulation of 10 and 50 kopecks, and each year the NBU is forced to mint at least 20 million of these coins.
In Pyshny's view, this step will solidify Ukraine's monetary sovereignty and eliminate the usage of the term 'kopeck' with its Russian roots. Most former Soviet republics have already abandoned this terminology, and it is time for Ukraine to reclaim the historical name of its change coin.