The amount of money that flows between the United States and Ukraine on a regular basis is considerable. In 2016, around U.S. $490 million was sent from the U.S. to Ukraine as remittances. Around U.S. $2 million made its way from Ukraine to the U.S. in the same year. Two way trade of goods between both countries exceeded U.S. $1.7 billion in 2016.
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The United States dollar has served as the official currency of the U.S. and its territories since 1792. It is also used as the official currency in El Salvador, Ecuador, the British Virgin Islands, the Caribbean, the Federated States of Micronesia, two British Overseas Territories, as well as Turks and Caicos Islands.
Some of the countries that use the American dollar alongside other currencies include Costa Rica, Liberia, Panama, Belize, Myanmar, Cambodia, and Zimbabwe. Currencies of several places still remain pegged to the U.S. dollar, some of which include Hong Kong, Cuba, United Arab Emirates, Qatar, and Bahrain.
The U.S. dollar is the most commonly traded currency globally, with estimates suggesting that more than U.S. $5 trillion passes through the forex market every day. In April 2016, the U.S. dollar’s share of the global forex market turnover was over 87%. The U.S. dollar is also the world’s most favored reserve currency.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Ukrainian hryvnia in its existing form has been the official currency of Ukraine since September 1996. The word hryvnia is derived from a word that was used to describe weights of gold and silver ingots during medieval Kievan Rus. In modern history, the name of the new currency that came into being when the Ukrainian National Republic gained independence from the Russian Empire in 1917 was hryvnia.
The Ukrainian hryvnia is occasionally referred to as hrivna, hryvna, grivna, or gryvna because of its Russian counterpart that is pronounced grívna. The National Bank of Ukraine, the country’s central bank, recommends that there should be a clear distinction between hryvnia and grívna, for practical and historical reasons.
The Republic of Crimea, after its annexation by Russia in March 2014, declared that it would stop using the Ukrainian hryvnia as its official currency in the following month. From 21 March 2014, Crimea adopted the Russian rouble as its official currency.
|Nicknames||Hrivna, hryvna, grivna, gryvna|
|Bank notes||UAH 1, UAH 2, UAH 5, UAH 10, UAH 20, |
UAH 50, UAH 100, UAH 200, UAH 500
|Coins||1, 2, 5, 10, 25, 50 kopiyok , |
UAH 1, UAH 2
U.S. Dollar / Ukrainian Hryvnia Historical Rates
Upon its introduction in September 1996, the hryvnia replaced the karbovantsiv at the rate of 1 hryvnia = 100,000 karbovantsiv. This was mainly because the collapse of the USSR resulted in hyperinflation in the region. The official exchange rate issued by the National Bank of Ukraine at that time stood at ₴1.76 to the U.S. dollar.
The 1997 Asian financial crisis had a negative impact on the hryvnia, causing it to devalue to ₴5.6 against the U.S. dollar by February 2000. The hryvnia maintained relative stability until April 2005, at which point its price was fixed at ₴5.05 against the U.S. dollar. This fixed rate stayed in place until May 2008.
The global financial crisis that resulted in the rapid devaluation of various currencies had a negative impact on the Ukrainian hryvnia as well. From ₴4.85 against the U.S. dollar in September 2008, it dropped to ₴7.88 against the U.S. dollar by December 2008.
A new peg of ₴8 per U.S. dollar was established after a period of volatility, and it stayed in place until 2012. The Ukrainian hryvnia then moved to a managed float system. In February 2014, the National Bank of Ukraine decided to switch to the fluctuating/floating system so the hryvnia could attain some stability.
During 2014 and 2015, the Ukrainian hryvnia devalued by around 70% against the U.S. dollar, peaking at ₴27.25 per U.S. dollar in February 2015. Efforts made by Ukrainian authorities led to some respite, with the hryvnia trading at ₴21.25 per U.S. dollar by April 2015. However, the hryvnia began its downward trend against the dollar again by July in the same year.
In February 2016, the hryvnia traded at ₴26.90 per U.S. dollar. In December 2017, it reached an all time low of ₴28.155 against the U.S. dollar. Since then, until July 2018, its value hovered between ₴26 to ₴27.5 against the U.S. dollar.
USD/UAH in the last five years
|U.S. $1 =|
|1 July, 2013||UAH 8.1300|
|1 July, 2014||UAH 12.2750|
|1 July, 2015||UAH 21.2240|
|1 July, 2016||UAH 24.8100|
|1 July, 2017||UAH 25.8000|
USD/UAH in the last five months
|U.S. $1 =|
|1 March, 2018||UAH 26.2700|
|1 April, 2018||UAH 26.2300|
|1 May, 2018||UAH 26.1065|
|1 June, 2018||UAH 26.3100|
|1 July, 2018||UAH 26.8650|
What Affects USD/UAH Rates?
Ukraine continues to struggle with the economic pressure it feels from neighboring states as well as internal conflicts such as the one that exists in the Donbas region of eastern Ukraine. Recent military conflicts between Ukrainian forces and separatists have had an adverse impact on the value of the Ukrainian hryvnia.
Some of the other factors that might impact the USD/UAH currency pair include Ukraine’s ability or inability to repay its debts, trade relations between the U.S. and Ukraine, as well as policy changes made by the U.S. Federal Reserve.
Sending money from the U.S. to Ukraine or from Ukraine to the U.S. is fairly simple, and you get numerous overseas money transfer companies from which to choose. However, bear in mind that the USD/UAH exchange rate you get may have a significant effect on the cost of your transfer, so it is best that you compare your options well.