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EU countries should set up Ukrainian cash exchange system, commission proposes – POLITICO

The European Commission will on Friday propose that EU countries set up currency exchange systems to convert the savings of Ukrainian refugees into their national currency, two diplomats told POLITICO today.

Each country will be responsible for setting up its own national system, but all will limit the amount of cash a refugee can exchange to 10,000 hryvnia (equivalent to about 300 euros) at the exchange rate set by the Central Bank of Ukraine. This installment currently sets the euro at 32.6 hryvnia.

The conversion is free. The Central Bank of Ukraine will continue to buy back banknotes at the same exchange rate, the diplomats said.

The Commission will make a recommendation to EU ambassadors on setting up such systems on Friday, and EU finance ministers will discuss the proposal at their meeting in Luxembourg next week. Some countries at the forefront of the refugee influx, including Poland and Romania, have already put in place similar programs.

The Commission’s scheme rejects the ideas put forward by the European Central Bank that the EU – either through its common budget or through national coffers – would have to back the transition with a guarantee to cover potential losses. The ECB’s proposals, the diplomats said, had been rejected as being too time-consuming to implement.

https://www.politico.eu/article/eu-countries-should-set-up-ukrainian-cash-conversion-scheme-commission-suggests/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication EU countries should set up Ukrainian cash exchange system, commission proposes - POLITICO

Fry Electronics Team

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