Ukrainian banknotes before and after the 1996 monetary reform
Obverse of a 100,000 karbovantsiv banknote, withdrawn following the reform
Obverse of a one hryvnia banknote, placed into circulation following the reform at a rate of 100,000 karbovantsiv
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The 1996 Ukrainian monetary reform was carried out from 2 to 16 September 1996, and oversaw the replacement of the Ukrainian karbovanets with the new Ukrainian hryvnia in accordance with the Constitution of Ukraine, adopted the same year. Karbovantsiv were exchanged for hryvnias at a rate of 100,000 to 1, with exchanges continuing freely until 1998. The monetary reform helped to launch the political career of Viktor Yushchenko, who oversaw the monetary reform in his capacity as head of the National Bank of Ukraine.
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