Following an agreement reached between the Federal Ministry of Finance, the Bundesbank, the German Banking Industry Committee and the National Bank of Ukraine, refugees who have fled the war in Ukraine can exchange hryvnia banknotes into euro in Germany from 24 May 2022.

The Federal Ministry of Finance and the Bundesbank have signed an agreement with the National Bank of Ukraine for an initial exchange volume set at 1.5 billion hryvnias. The agreement is an important prerequisite for the exchange. The framework for the exchange was discussed with the German Banking Industry Committee. It wishes to support the refugees and, working together with its participating banks and savings banks, will run the exchange programme.

Refugees can exchange up to 10,000 hryvnias into euro at participating German banks and savings banks. Conversion may also take place in several instalments and will be free of charge. Banknotes in denominations of 100, 200, 500 and 1,000 hryvnias belonging to the current banknote series issued by the National Bank of Ukraine will be accepted. The rate at which they will be converted into euro is the exchange rate published on the Bundesbank’s website (www.bundesbank.de/wechselkurse-uah). The exchange transactions will be recorded in an online application set up by the European Central Bank to ensure that the exchange limit per person is not exceeded. The identity of each refugee of legal age wishing to participate in the exchange scheme will be registered and checked, with the same documents being accepted as when opening a basic payment account for refugees from war-affected territories in Ukraine. Data protection requirements will be adhered to in the process. The exchange scheme is set to stay in place for an initial period of three months.

Central government will bear any losses arising from the conversion. The Bundesbank is responsible for the operational aspects of exchanging banknotes with banks and savings banks and returning banknotes to the National Bank of Ukraine.

Further information will be provided by all banks and savings banks participating in the exchange programme.