Andriy Pishny, Governor of the National Bank of Ukraine, has suggested renaming the kopeck to the “step” (shag) as part of a currency reform [1].
The proposal represents an effort to distance the national currency from historical associations and modernize the financial system during a period of significant economic volatility. Such a change would alter the smallest denomination of the Ukrainian hryvnia to simplify transactions [2].
Reports regarding the proposal surfaced on Sept. 3, 2024 [2]. Pishny said renaming the smallest denomination would help modernize the currency system and make transactions more efficient [3]. The shift to “steps” is framed as a way to streamline the financial framework for the public [3].
Alongside the currency proposal, details regarding the governor's compensation have emerged. Pishny receives a monthly salary in the range of several hundred thousand Ukrainian hryvnias [1].
This disclosure of elite compensation comes amid broader public scrutiny of government spending and official salaries during the ongoing wartime economy. While the National Bank of Ukraine focuses on stabilizing the hryvnia, the transparency of official pay remains a point of contention in the national discourse [1].
The transition from kopecks to steps would involve updating accounting software, pricing labels, and physical coinage. The National Bank of Ukraine has not yet provided a definitive timeline for the implementation of this change, though the initiative is intended to align the currency with contemporary economic needs [2].
“Andriy Pishny suggested renaming the kopeck to the “step” (shag).”
The proposal to rename the kopeck is more than a linguistic change; it is a symbolic break from the Soviet-era terminology that defined the kopeck. By introducing the 'step,' Ukraine seeks to assert a distinct national identity within its monetary system. Simultaneously, the public disclosure of the governor's high salary highlights the tension between the necessity of retaining top-tier financial expertise and the social pressures of wartime austerity.
