EU to let Ukraine refugees convert hryvnas into euros for free

The European Commission on Friday proposed allowing Ukrainian refugees who have fled to the EU to convert their domestic currency, the hryvna, into euros free of charge.

The proposal was submitted as a recommendation to EU member states and will need to be approved by their respective governments.

If approved, it would allow Ukrainian refugees in the EU to convert a maximum of 10,000 hryvna (around €300, or $330) per person into euros with no charge, based on the official exchange rate of the National Bank of Ukraine.

According to Reuters’ estimates, over 3.8 million people have crossed the Ukrainian border into the EU after Moscow launched a military operation in the neighboring state. The EU has given the refugees ‘temporary protection’ status, which allows them to work, receive medical care, and send their children to school.

The move aims to allow Ukrainians to use their funds in Europe, as Ukraine’s central bank suspended exchanges to protect the country’s forex reserves, making EU credit organizations hesitant to carry out hryvna exchanges.

For more stories on economy & finance visit RT's business section