News in Brief

EU to Help Refugees Convert Hryvnias

The European Council has adopted a recommendation by the European Commission on the conversion of hryvnia banknotes into the currency of member states hosting people escaping the war in Ukraine. The objective is to further support refugees who are having difficulty exchanging their banknotes into EU currencies.

The recommendation invites member states to set up national schemes to allow for the conversion of hryvnias under similar conditions across the EU. The schemes will allow displaced Ukrainians (over 5 million of whom have fled the country following Russia’s invasion) to exchange up to 10,000 hryvnias (approximately €310), per person. The National Bank of Ukraine (NBU) has imposed a ban on foreign currency exchange to preserve its limited reserves to help support the war effort.