The National Bank of Ukraine is planning to “de-Russify” small change and rename it from “kopiika” to “shag”. This was reported by Komersant ukrainskyi
with reference to the a press release of the national financial regulator.
“Having studied the history of Ukraine’s money circulation, we have come to the undeniable conclusion that the name ‘kopiyka’ for a change coin is actually a symbol of Moscow’s occupation. We have our own, specifically Ukrainian, word for small coins – the word “shag”,” said Andriy Pyshny, Governor of the National Bank of Ukraine.
The NBU believes that in the context of large-scale Russian aggression, replacing kopecks with shags is an important and necessary step, as today kopecks are only in circulation in countries hostile to Ukraine.
The NBU’s conclusions were supported by the National Academy of Sciences of Ukraine, which received positive expert opinions from the Institute of History of Ukraine and the O. Potebnya Institute of Linguistics.
In order to introduce a new numismatic unit into circulation, the following legislative acts need to be amended:
- article 32 of the Law of Ukraine “On the National Bank of Ukraine”;
- resolution No. 2156-XII of 2 March 1992 “On the banknote of Ukraine”;
- the Resolution “On Approval of the Name and Characteristics of the Currency of Ukraine” of 10.12.1991 No. 1952-XII;
- The Law of Ukraine “On Pensions”;
- The Law of Ukraine “On Capital Markets and Organised Commodity Markets”;
- article 249 of the Tax Code of Ukraine.
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 state authorities.
If the Verkhovna Rada of Ukraine adopts the relevant laws, the NBU will be able to proceed with the practical implementation of the initiative – minting and putting into circulation Ukrainian banknotes denominated in shahs.