The Permanent Representatives Committee endorsed a Council recommendation on the conversion of hryvnia banknotes into the currency of member states hosting people escaping the war in Ukraine. The objective is to further support refugees who are having difficulty exchanging their banknotes into EU currencies.
The recommendation invites member states to set up national schemes that would allow for the conversion of hryvnias under similar conditions across the EU. The schemes would allow displaced persons from Ukraine, including children, to exchange up to 10 000 hryvnias (approximately € 310), per person. This would be free of charges, and at the official exchange rate as published by the National Bank of Ukraine. The duration of these schemes would be a minimum of three months.
The recommendation will now be formally adopted by the Council by written procedure. The tentative date for adoption is 19 April.
Recommendations are not legally binding acts. The actual implementation and setting up of the schemes are therefore to be decided by the member states according to their national situations. A number of EU countries have already put in place national arrangements for this purpose.