5 Hryven Currency Reform

Ukraine's 1996 currency reform replaced the karbovanets — a temporary currency introduced after independence that had been consumed by inflation reaching into the tens of thousands of percent annually. The hryvnia was introduced at a rate of 100,000 karbovantsiv to one hryvnia. This commemorative 2006 issue marks the tenth anniversary of that stabilization, struck at a moment when the hryvnia itself was under renewed pressure following the economic turbulence of the 2004 Orange Revolution transition.