- Ukraine Plans to Rename Its Coins, Ditching Russian Influence
Ukraine is looking to separate itself more from its neighbor, Russia, by renaming its smallest coins. According to the central bank in Kyiv, the coins should be called "Shah" moving forward. After researching the history of Ukrainian currency, the bank found that "Kopiyka" carries connotations of Moscow's occupation, as explained by central bank head Andriy Pyshnyi in a statement.
The term "Kopeyka" holds similar meaning in Russia for its smallest currency unit. However, Kopeks have lost their significance in Russia due to the ruble's weakness and their minimal value.
The National Bank has already put forth recommendations for the necessary legislative changes. There are no plans to swap out the coins currently in circulation; they will instead coexist.
Ukraine has been fighting off Russian invasion for over two and a half years. In an attempt to distance itself from Russia, Ukraine has already renamed streets and demolished statues.
The decision to rename the Ukrainian coins is a further step in Ukraine's efforts to distinguish itself from its neighbor, given the historical associations of the term "Kopiyka" with Moscow's occupation. Despite Russia's ongoing conflict with Ukraine, the significance of its smallest currency unit, the Kopek, has diminished due to inflation and the ruble's devaluation.
