Today is US Independence Day! We Are Getting Ready for Ours Too

While America celebrates the 227th anniversary of its independence with fireworks and picnics, the Ukrainian foreign exchange market has fallen silent in anticipation. The overseas holiday, which for the U.S. is the nation’s birthday, has become a technical pause for our financial market. For Ukrainian companies engaged in foreign trade, such global pauses are already a familiar element of the financial calendar, underscoring our integration into the global economy and highlighting the interconnectedness of modern markets.

Meanwhile, in the Cabinet of Ministers of Ukraine, a start has been given to entirely different preparations—for our own main state celebration. We explain what connects the fireworks over the Potomac and the hryvnia exchange rate, and how we will celebrate the 12th anniversary of our Independence.

American Holidays Put a Pause on the Interbank Market

Today, July 4th, the financial capitals of the U.S. have frozen in a festive stupor. A day off for Independence Day traditionally means calm on global markets. The Ukrainian interbank market was no exception.

As expected, trading was “very sluggish.” The dollar to hryvnia exchange rate settled at 5.3340-5.3375 UAH/USD for “tom-next” deals. Such a pause is a good moment to look at the holiday on the other side of the ocean not only as a historical event but also as a powerful economic phenomenon.

For example, last year Americans spent about 135 million dollars (approximately 720 million hryvnias*) on pyrotechnics for traditional shows alone. The irony is that the lion’s share of these festive rockets and firecrackers was imported from… China. Globalization in action.

From Colonies to Superpower: How the July 4th Holiday Was Born

Before discussing our plans, it’s worth recalling the origins of the holiday that today even affects the hryvnia exchange rate. US Independence Day dates back to July 4, 1776, when delegates from 13 British colonies in North America, gathered at the Continental Congress in Philadelphia, approved the Declaration of Independence. This document, authored primarily by Thomas Jefferson, proclaimed liberation from the power of the British crown and the creation of a new state.

The very next year, in 1777, Philadelphia marked the date with 13 artillery salutes and fireworks, starting a tradition that has today turned into grand shows. Current fireworks displays in Washington over the Potomac River and on the National Mall attract tens of thousands of spectators, and most Americans use the long weekend for family trips and picnics.

Ukraine: Launch of Preparations for the 12th Anniversary

While the U.S. launches fireworks, in Ukraine, the launch has been given to an administrative “rocket” of preparations for our Independence Day. President Leonid Kuchma signed an order on celebrating the 12th anniversary and created a corresponding Organizing Committee headed by the Head of the Presidential Administration.

“The Government has been instructed to develop and approve a plan of events,”

the Presidential Administration’s message states.

The Cabinet’s plans include not only the traditional military parade in Kyiv and concerts across the country but also a deeper program. The focus is on “strengthening civil accord,” consolidating society, and popularizing state symbols. Essentially, this is one of the first large-scale PR campaigns of the young state, directed inward.

From the Declaration of Sovereignty to August 24

Since we are on the topic of history, it’s worth remembering that the path to fixing our main date was not as straightforward as it was for the Americans. The first Independence Day was celebrated in the 1990s on July 16—in honor of the adoption of the Declaration of State Sovereignty of the Ukrainian SSR in 1990.

However, after the historic vote of the Supreme Council on August 24, 1991, and its confirmation in the all-Ukrainian referendum on December 1, the date was moved. Since 1992, we have been celebrating Independence precisely on August 24. This shift symbolized the transition from a declaration of intent to an act of undeniable statehood.

The Bottom Line

US Independence Day is not just history and barbecues. It is also a powerful economic driver and a day when global markets can afford a small breather. For Ukrainian business, such “American pauses” are part of the global game to which we are gradually becoming accustomed.

And our own date, August 24, over 12 years is transforming from a symbol of political will into a comprehensive nationwide event with a clear plan, budget, and ideological underpinning. Preparation for it begins well in advance—as we see, even on the holiday of another country. Gradually, we are learning not only to proclaim but also to systematically celebrate our statehood.