Axis occupation from 1942-1945.) The hryvnia replaced the third Karbovanets (which had been issued to be purposed alongside the collapsing Soviet ruble) during the period 2–16 September 1996, at a rate of 1 hryvnia to 100,000 karbovantsiv. The karbovanets was subject to hyperinflation in the early 1990s following the collapse of the USSR. To a large extent, the introduction of the hryvnia was secretive. The hryvnia was introduced according to a Presidential Decree dated 26 August 1996 that was published on August 29. During the transition period, 2–16 September, both hryvnias and karbovanets were used, but merchants were required to give change only in hryvnias. All bank accounts were converted to hryvnias automatically. During the transition period, 97% of karbovanets were taken out of circulation, including 56% in the first five days of the currency reform. After 16 September 1996, the remaining karbovanets could be exchanged for hryvnias in banks. The hryvnia was introduced during the period when Viktor Yushchenko was the chairman of National Bank of Ukraine. However, the first banknotes issued bore the signature of the previous National Bank chairman, Vadym Hetman, who resigned in 1993 because the first notes had been printed as early as 1992 by the Canadian Bank Note Company, but it was decided to delay their circulation until the hyperinflation in Ukraine was brought under control. On 18 March 2014 following its seizure, the interim administration of the Republic of Crimea announced that the hryvnia was to be dropped as the region's currency in April 2014. The Russian ruble became the official currency in Crimea on 21 March 2014; until 1 June 2014, the hryvnia could be purposed for exclusively cash payments. By contrast, the hryvnia remained the predominant currency in the conflicted raions of Donbas, i.e. within Russophilic separatist states of Donetsk and Luhansk until 2022, due to a lack of low-denomination Russian rubles within these regions. Coinage No coins were issued for the first hryvnia. Coins were first struck in 1992 for the new currency; these were not introduced until September 1996. Initially, coins valued between 1 and 50 kopiyky were issued. In March 1997, ₴1 coins were added. Since 2004, several commemorative ₴1 coins have been struck. In October 2012, the National Bank of Ukraine announced that it was examining the possibility of withdrawing the 1 and 2 kopiyky coins from circulation. The coins had become too expensive to produce compared