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EC adopts proposal to convert Ukrainian banknotes into host currency for those fleeing war

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According to the EC, this proposal complements the EU’s humanitarian assistance to people fleeing Ukraine, especially during their travels through the Union, and is fully consistent with the EU’s asylum acquis and its action. external Union.

Since the beginning of Russia’s military invasion of Ukraine, more than 3.8 million people fleeing the war have arrived in the European Union.

“The EU and its Member States are making considerable efforts to provide these people with humanitarian assistance and temporary protection, including access to the labor market, housing, healthcare and education for children. One of the most urgent needs of refugees is to convert their UAH banknotes into the currency of the host country.

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The proposal seeks to promote a coordinated approach at the level of all Member States in order to provide those fleeing Ukraine with the same conditions for converting their UAH banknotes into local currency, regardless of the host Member State. This approach was necessary given that the National Bank of Ukraine had to suspend the exchange of UAH banknotes in foreign currency to protect Ukraine’s limited foreign exchange reserves.

As a result, credit institutions in EU Member States have been reluctant to make foreign exchange due to the limited convertibility of UAH banknotes and exposure to foreign exchange risk. Some Member States are considering the establishment of national programs to support the conversion of a limited amount of hryvnia per person, and the aim of the Commission is to promote a coherent approach to those programs. They should provide for a maximum limit of 10 000 UAH / person, without commission, at the official exchange rate published by the National Bank of Ukraine, ”explained the EC representatives.

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According to them, the duration of the programs should be at least three months.

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