So far, refugees from Ukraine have not been able to exchange their national currency for euros. The finance ministers now want to change that.
(Photo: dpa)
Berlin, Brussels Many refugees from Ukraine could hardly take anything with them from their home country apart from a little cash – and that has so far been practically worthless in the EU. European banks do not accept Ukrainian hryvnia bills, the currency is not exchangeable in the EU. But that should change now.
The EU states want to enable refugee Ukrainians to exchange at least part of the cash they have brought with them for euros or other currencies. The EU finance ministers will discuss this at their meeting on Monday and Tuesday.
The EU Commission has submitted a recommendation. The Brussels authorities propose that each refugee be allowed to exchange up to 10,000 hryvnia. This currently corresponds to almost 310 euros. In which way the governments oblige the banks to do this, they have to decide for themselves. They should also find a regulation that prevents individuals from making representations to many different banks.
Up to now it has not been possible to change. In the past, there was practically no demand for the exchange of hryvnia into euros, so it was not offered by banks and exchange offices, the Central Association of the German Banking Industry said. There is currently no clearing either, so if a bank buys Ukrainian cash, it is practically unable to resell the holdings. A European solution is needed.
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Bundesbank wants to provide technical assistance
Even Ukrainians who brought a lot of money with them are now dependent on support services. So that they can at least use some of their cash, some EU countries are now considering obliging banks to exchange certain sums.
Without coordination, however, this would bring new problems: The refugees could then travel to the country where they can exchange the largest quantities. That is why the finance ministers now want to coordinate a joint approach at their meeting on Tuesday.
The federal government is also already discussing this. The Federal Ministry of Finance is already holding talks with the Bundesbank. The is willing to provide technical support for the exchange, for example in determining the exchange rate. However, according to the central bank, the financial risks should be borne by the government. In addition, the European currency watchdogs also consider a coordinated approach in the euro zone to be sensible.
More: Costs for refugees: federal states demand 1000 euros per person from the federal government