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The independence of Ukraine, 1992 -1993 year


Photo: from open sources

Ukraine news: Chronicle 1992-1993: coupon-karbovanets, voucher privatization, Kuchma was in power, the miners ‘ strike, a record hyperinflation and the end of the world.

The first year of independence has become Ukraine’s greatest challenge. The main blow was inflicted on the economy. Since January 2 prices have gone into free-swimming. The former socialist economic system began to deteriorate quickly, but a normal market economy has not yet emerged. The chaos began, which was exacerbated by the rupture of intra-household relations. People quickly impoverished. For millions of Ukrainians the onset of the economic collapse beginning clearly associated with the independence of the country.

In 1992, Kravchuk finally canceled Soviet rubles . The first karbovanets had the same denomination as the Soviet rubles – 1,3, 5, 10, 25, 50 and 100 karbovanets, the exchange rate against the dollar – 400 rubles./$1


Voucher privatization

Privatization of state enterprises in Ukraine started in 1992 and the aim of privatization of ownership. In 1993, people first heard about privatization vouchers, which in the “Oshchadbank”, everyone could become the owner of one pyatidesyatimetrovoy part of the national heritage. Property of state enterprises, the government estimated at the astronomical sum of more than 520 trillion karbovanets, that is, one voucher was worth in 1993, 10 million 50 thousand rubles. But by the end of the year that money for nothing for hundred of inflation.

The privatization voucher

In 1994, the privatization was suspended and then resumed, but on other conditions in which vouchers could change the owner. They started buying up various investment funds. Somewhere in 1995-1996 control over industrial enterprises began to establish private traders — traders of gas, metal and raw materials. What began as a tool for the creation of a society of owners and shareholders, led to the construction of oligarchic capitalism. Voucher privatization ended in 1999. As a result, millions of Ukrainians did not become the owners of their shares in the SOEs.

First parish Kuchma to power

In October 1992, at nationwide arena first came out, Leonid Kuchma. Unknown to the masses MP, he is the Director of “Yuzhmash”, the largest enterprises of the defense industry, became the centre of attraction for the red Directors in Parliament, concerned about the increasing collapse of the economy. From the 13 October, the Parliament approves Kuchma Prime Minister.

1993 the year started with record hyperinflation. Frozen funds are wages, inflation rate — 10 206%.

If the middle of January, a loaf of rye bread cost, on average, 33 KRB., pork — 825 KRB. per kg, beef — 715 KRB., a liter of milk — 79 KRB., sour cream — 352 KRB., a dozen eggs — 344 KRB., by the middle of December, the bread has risen to 2000 rubles., pork — up to 53 911 KRB., beef — up to 35 566 KRB., milk — 4665 KRB., sour cream — 24 518 KRB., eggs — 33 037 KRB.

All this fun was accompanied by widespread stop of the industrial enterprises of the old Soviet economy had virtually ceased to exist after the rupture of economic ties, the termination of state orders and the growth of prices for Russian energy. The result was massive impoverishment of the people, for millions of them this year was in the truest sense of the word hungry. In fact, it was the collapse of Ukrainian industry and was the cause of the hyperinflation is the government who began to collect taxes (traders-merchants then chose any taxes not

A major strike of miners occurred from 7 to 20 June 1993. The reason for its inception was repeated (3-5 times) increase in prices without a corresponding indexation of salaries. But the protesters put forward the leadership of the country not only economic demands regarding the revision of prices and wages, but also political – the referendum about trust to the President.


The miners ‘ strike was one of the most massive in Ukraine.

The Verkhovna Rada of Ukraine and then went to meet the protesters and fulfill their requirement – appointed on 26 September 1993 Advisory referendum about mistrust to the President and Parliament. After negotiations with the reigning President Leonid Kravchuk, Parliament abolished the referendum and appoint early presidential and parliamentary elections.

Remember everything: the main events of independent Ukraine

Throughout the country began a power outage on schedule — take turns in each region. They were called fan, and the reason it was called growing like a snowball, the number of non-payments for electricity. Sometimes the light was turned off for 8-10 hours a day. This practice continued in different regions up to 1999-2000.