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.