The National Bank of Ukraine expects the parliament to pass bill No. 14093 in its second reading as soon as possible, which proposes changing the name of the small denomination coin from ‘kopiyka’ to ‘shag’. Once this law comes into effect, the regulator promises to immediately begin work on creating the new coin design.
This is reported by Finway
Historical Continuity and National Identity
During the panel discussion “Monetary Circulation. Own Currency,” the head of the National Bank, Andriy Pyshny, emphasized the importance of this initiative for restoring historical justice and freeing the country from colonial heritage. According to him, during the first reading of the bill in December last year, the Verkhovna Rada demonstrated a “national idea” and significant support: 264 deputies voted “for,” three abstained, and only one was against.
“As soon as the law is passed, we will immediately start working on the design. We are returning what was taken from us more than a hundred years ago, as during the Ukrainian Revolution of 1917–1921, banknotes named ‘shag’ were introduced into real monetary circulation, which was enshrined at the legislative level,” said Pyshny.
The head of the NBU emphasized the importance of ensuring historical continuity while also utilizing all modern technologies. He noted that after the introduction of coins with the new name, both old kopiykas and new ‘shags’ will be used in circulation for a certain period. The withdrawal of the kopiyka from circulation will occur gradually.
Return of the National Name and Completion of the Monetary Reform
The discussion about renaming the kopiyka to shag has been ongoing for several years. The authors of the bill believe that returning the historically justified Ukrainian name will allow for a definitive break from the imperial and Soviet past and will promote the revival of national traditions in the field of monetary circulation. This will mark the final stage of the monetary reform initiated back in 1996.
The gradual replacement of the kopiyka with the shag has not only symbolic but also practical significance: in the future, according to Pyshny, Ukrainians will be able to experience a situation where both kopiykas and shags are in circulation simultaneously, which will prompt a rethinking of the history of the national currency.