Germany announces currency conversion scheme for Ukrainian refugees



BERLIN, May 23 (Reuters) - Refugees who have fled the war in Ukraine can change their Ukrainian hryvnia into euros in Germany starting Tuesday, according to a statement from the Finance Ministry in Berlin and German banks.

The ministry agreed to the exchange programme together with the central banks of Germany and Ukraine as well as the German Banking Industry Committee, the joint statement said.

The agreed exchange volume has been initially set at 1.5 billion hryvnia ($50.78 million) and the scheme is to stay in place for at least three months, it added.

Under the agreement, refugees can exchange up to 10,000 hryvnia into euros at participating German banks at current exchange rates. The conversion, which can be made in several instalments, is to be free of charge.

Banknotes in denominations of 100, 200, 500 and 1,000 hryvnia from the currently valid series of the National Bank of Ukraine will be accepted, according to the statement. ($1 = 29.5400 hryvnias)
Reporting by Rachel More, Editing by Miranda Murray

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.