The National Bank of Ukraine (NBU) has proposed renaming the country's smallest currency unit, the kopiyka, claiming that the current name sounds too similar to the Russian kopek. The move is part of Kiev's long-running campaign to cut cultural and historical ties with its neighbor. Under the initiative, minor coins would be renamed as 'shag' (step), a term used in the Ukrainian language for a Polish-Lithuanian silver coin in the 17th and 18th centuries. If approved by the government, old coins can be exchanged for new ones of the same face value. The measure will have no impact on inflation as it will not increase the amount of cash circulating in the economy, according to officials. The kopiyka will remain in circulation alongside the shah upon its introduction. The step, which is seen by the regulator as restoration of "historical justice" and the "promotion of de-Russification," is purely symbolic, as the smallest coins are not used by Ukrainians in daily life due to major devaluation of the hryvnia. Ukraine's national currency has lost more than 30% against the US dollar over the past two years. edited
