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German banks start exchanging hryvnias for euros

24-5-2022 |

Refugees fleeing the war in Ukraine will be able to exchange up to 10,000 hryvnia in Germany. The German Federal Bank has agreed with the National Bank of Ukraine to exchange currency for a total of 1.5bn hryvnias.

Refugees from the war in Ukraine will be able to exchange hryvnias for euros in banks in Germany from May 24.

The agreement to this effect was reached between the German Ministry of Finance, the German Federal Bank (Bundesbank), the Association of German Credit Institutions (Deutsche Kreditwirtschaft - DK) and the National Bank of Ukraine, according to a press release from the German Finance Ministry published on Monday, May 23.

The German Finance Ministry, Bundesbank and the National Bank of Ukraine signed an agreement to exchange 1.5 billion hryvnias for euros.

This document is an important condition for the exchange, the scope of which has been agreed with the DK. Deutsche Kreditwirtschaft intends to support refugees and together with participating banks and savings banks to implement the exchange program, the press release said.

Exchange up to 10 thousand hryvnias

As of May 24, refugees from Ukraine will be able to exchange up to 10 thousand hryvnias at participating banks. This amount may be exchanged in full or in parts.

Bills of 100, 200, 500 and 1000 hryvnia of the current series of the National Bank of Ukraine are accepted. Exchange fees for the euro will not be charged. The exchange is made on the basis of the rate, published on the website of the Bundesbank.

Hryvnia exchange for euros will be recorded in an online application of the European Central Bank (ECB), to avoid exceeding the established ceiling exchange of 10 thousand hryvnia. At the same time the personal data of each adult refugee from Ukraine who wishes to exchange money will be checked and saved. For identification will be enough documents, which are necessary for refugees from the war zone in Ukraine to open a basic account in Germany.

The hryvnia to euro exchange program is planned initially for a period of three months. Financial losses that may occur during the exchange will be reimbursed from the federal budget.

Source: DW