Ukrainian exchangeable coins may change their name. Thus, the NBU wants to Ukrainianise the name of coins. Find out what word they plan to replace kopecks with and what is required for this purpose

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The National Bank of Ukraine wants to change the name of circulating coins, replacing ‘kopeck’ with ‘shag’. What is the essence of the proposed idea and what the new name means, we tell you further.

Why do they want to change the name?

According to the head of the NBU Andriy Pyshny, the Bank has researched the history of monetary circulation of Ukraine. They came to the undeniable conclusion that such a name for a change coin as ‘kopeck’ is actually a symbol of the moscow occupation.

According to him, Ukraine has its own, purely Ukrainian, word to define small coins - it is the word ‘shag’.

Where did the word shag come from?

As noted in the press service of the NBU, the name ‘shag’ of ancient Ukrainian origin, it has already been used both on the territory of Ukraine and in the Ukrainian money circulation (from the XVI - XVII centuries.). It is a unique coin name, which other linguocultures do not know. It is widely used in classical Ukrainian literature, in particular it is often mentioned in the works of Taras Shevchenko, Lesya Ukrainka and other writers.

At the time of the Ukrainian Revolution of 1917-1921, monetary signs with the name ‘shag’ were introduced into real money circulation, which was fixed at the legislative level. Therefore, the revival of this practice is justified by the historical and linguistic tradition of Ukraine.

‘The name ‘kopeika’ has a moscow, imperial origin. In the conditions of large-scale russian aggression, the replacement of kopecks for shags is an important and necessary step, because today kopecks remained in circulation only in enemy states of Ukraine’, - noted in the NBU.

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How do they plan to change the name?

The NBU says that they have developed proposals for the necessary legislative changes. In the case of adoption by the Verkhovna Rada of the relevant laws, the NBU will be able to move to the practical implementation of the initiative - the minting and introduction into circulation of Ukrainian exchange coins denominated in pennies.

It proposes to:

- to set the ratio between ‘kopeck’ and ‘shag’ will be equal to 1:1;

- The NBU will develop the design and determine the procedure for introducing into circulation ‘shags’, as well as the procedure and terms of withdrawal from circulation ‘kopecks’.

At the same time in Ukraine do not plan specifically because of the change of name to withdraw from monetary circulation coins denominated in kopecks, and exchange them for shags. Coins ‘kopeck’ and ‘shag’ will circulate in parallel. Citizens will not need to take additional measures to exchange kopecks for shags.

We remind you! The national Bank of Ukraine limited p2p-transfers for individuals. When the restrictions will come into force, what consequences it will have and what to expect from the new rules, read here.