The Karbovanets (, plural: karbovantsi) has been a distinct unit of currency in Ukraine during three separate periods. The name was also used in the Ukrainian language for the Soviet ruble.

First Karbovanets

During the short independence of the Ukrainian National Republic between 1917 and 1920, Ukraine had issued currency according to a system of 100 shahiv. At that time 1 shah = 1 hryvnia, 2 hryvnia = 1 karbovanets. During the same time period, the Ukrainian karbovanets was equivalent to the Russian ruble.

Second Karbovanets

During the Second World War, the Nazi occupation of Ukraine had brought banknotes denominated in the karbovanets back into usage. The issued banknotes replaced the Soviet ruble at par and were in circulation between 1942 and 1945.

Third Karbovanets

Following Ukrainian independence in 1991, the Ukrainian karbovanets replaced the Soviet ruble at par in 1992. The karbovanets suffered very high inflation and was replaced by the hryvnia in 1996, at a rate of 100,000 karbovantsi = 1 hryvnia. When the hryvna was introduce in 1996, a 15 day period was in effect from September 2-16, 1996, in which both the existing karbovanets and the newly introduced hryvna were in circulation. The use of the karbovanets for all kinds of payments stopped completely after September 1996, and the only accepted currency after was the hryvna.

See also

• Hryvnia, the national currency of Ukraine since 1996
• Economy of Ukraine

History of Ukraine | Modern obsolete currencies

Karbowaniec