The European Union’s executive arm is proposing that the 27-nation bloc’s countries allow the millions of refugees fleeing the war in Ukraine to exchange their hryvnia banknotes into the currencies of host member nations.
The European Commission said Friday its proposal aims at promoting a coordinated approach within the region, The Associated Press said.
“This approach was necessary in light of the fact that the National Bank of Ukraine had to suspend the exchange of hryvnia banknotes into foreign cash in order to protect Ukraine’s limited foreign exchange reserves,” the commission said.
“As a consequence, credit institutions in EU Member States have been unwilling to carry out the exchanges due to the limited convertibility of hryvnia banknotes and exposure to exchange rate risk.”
According to EU figures, more than 3.8 million of people fleeing the war have arrived in the European Union. More than 4 million have fled Ukraine.
The Commission proposed a maximum limit of 10,000 hryvnias (306 euros) per person, without charges, at the official exchange rate as published by the National Bank of Ukraine.
