The karbovanets was a currency used in Ukraine during the early 1990s, specifically from 1991 to 1996. It was introduced as a temporary measure to stabilize the economy after the dissolution of the Soviet Union. The karbovanets was issued by the National Bank of Ukraine and was intended to replace the Soviet ruble in the newly independent nation. The karbovanets faced significant challenges, including hyperinflation and a lack of public confidence. As a result, it was eventually replaced by the hryvnia in 1996, which remains Ukraine's official currency today. The transition aimed to create a more stable economic environment for the country.