After bringing the agreement to a positive consensus between the National Banks of Belgium and Ukraine, Ukrainian refugees will be able to exchange Hryvnia banknotes for Euros in Belgium, as per the statement released by the National Bank of Belgium (NBB).
Facilitated by the Federal government, the service will be offered over the counter at the national bank, or at private banks Belfius, Beobank, BNP Paribas Fortis, CBC, ING, KBC, and KBC Brussels.
Following a European Commission recommendation approved in April, Ukrainians will now be able to exchange a maximum of 10,000 hryvnia (€316) per adult without charges or commission.
On 20 May, the bank received the mandate of the Federal Council of Ministers to begin the transactions in Hryvnia. The NBB is working on behalf of the Belgium state and is collaborating with advisors from Febelfin.
Belgium is the second EU member state to offer this service, which allows Ukrainian refugees to freely exchange national banknotes for euros. Many other countries are expected to follow suit.
“We consider it our humanitarian duty to offer this service to the refugees, and we are therefore pleased that, thanks to our efforts, this service can now be made available in our country,” said NBB Director Tim Hermans.
Before the war, Ukraine’s currency, the Hryvnia, was restricted, meaning that banks and currency exchanges did not carry or exchange these types of notes.