The European Commission has tabled proposals that would allow refugees from Ukraine to convert their hryvnia currency into euros.
Under plans presented to the 27-nation bloc, those who have fled the war with Russia would be able to exchange up to 10,000 hryvnia – around €300 – without charges. EU governments have to approve the measure.
Almost 4 million people have fled Ukraine since Russia’s unprovoked invasion last month. Under EU rules they have been given “temporary protection” status, which means the can work, receive medical assistance and send their children to school.
Ukraine’s central bank suspend currency exchange to protect the nation’s limited foreign exchange reserves.
“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,” the commission said in a statement.