The National Bank of Ukraine proposes to change the name of the Ukrainian small change coin from “kopeck” to “step”.
The National Bank press service reported this today, September 2.
Having studied the history of monetary circulation in Ukraine, we came to the indisputable conclusion that such a name for a small coin as “kopeck” is actually a symbol of Moscow occupation, – said the head of the NBU Andriy Pyshnyy during a briefing. – We have our own, specifically Ukrainian, word for defining small coins – this is the word “step”
The NBU emphasizes:
- the name “kopeyka” has a Moscow, imperial origin. Today, kopecks remain in circulation only in states hostile to Ukraine;
- the name “step” is of ancient Ukrainian origin, it was already used both on the territory of Ukraine and in the Ukrainian monetary unit (from the 16th to 17th centuries);
- During the Ukrainian Revolution of 1917-1921, banknotes with the name “step” were introduced into real monetary circulation, which was enshrined at the legislative level. Therefore, the revival of such a practice is justified by the historical and linguistic tradition of Ukraine.
This is a unique name of the coin, which is not known to other linguacultures. 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, – the press service of the NBU notes.
It is noted that the NBU has developed proposals for the necessary legislative changes, which provide for:
- introduction of appropriate amendments to Article 32 of the Law “On the National Bank of Ukraine”;
- recognition of two resolutions of the Presidium of the Verkhovna Rada of Ukraine as no longer in effect: No. 2156-XII “On the exchange coin of Ukraine” and No. 1952-XII “On the approval of the name and characteristic features of the monetary unit of Ukraine”;
- Amendments to the laws “On Pension Provision”, “On Capital Markets and Organized Commodity Markets”, and to Article 249 of the Tax Code of Ukraine in order to synchronize terminology.
In particular, it is proposed to establish that:
- the ratio between the “kopeck” and the “step” will be 1:1;
- The NBU will develop the design and determine the procedure for introducing the “steps” into circulation, as well as the procedure and timing for withdrawing the “kopecks” from circulation.
The National Bank plans to submit the draft laws, after approval by government agencies, to the Verkhovna Rada for consideration. If they are adopted:
- The National Bank will be able to move on to the practical implementation of the initiative – minting and introducing into circulation Ukrainian change coins denominated in steps;
- The NBU does not plan to specifically withdraw coins denominated in kopecks from circulation and exchange them for steps because of the name change. The “kopeck” and “step” coins will circulate in parallel. This will avoid additional costs associated with the disposal of kopecks and the production of steps to replace them;
- citizens will not need to take additional measures to exchange kopecks for steps;
- The gradual introduction of coins denominated in steps into circulation within the framework of the planned issue will not affect inflation, since no increase in the volume of cash in the economy is expected.
Source: Racurs
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