Refugees from Ukraine will soon be able to exchange cash in hryvnia for euros and other currencies across the EU
The European Commission recommended that EU member states set up schemes together with commercial banks that would allow Ukrainians to exchange up to 10,000 hryvnia (around 308 euros or $342) per person free of charge at an official rate set by the Ukrainian central bank.
“This proposal complements the humanitarian assistance provided by the EU to those fleeing from Ukraine,” according to the Commission’s statement.
The initiative mirrors the one Poland set up last month. In Poland, Ukrainian refugees have been able to turn to some commercial bank branches for a week to make the exchange. The National Bank of Poland then buys banknotes from those lenders and exchanges them at the National Bank of Ukraine, which has pledged to accept up to UAH 10 billion.
The all-EU arrangement should remain in place for at least three months.
