CBM signs currency exchange agreement with the National Bank of Ukraine

Last Updated on Monday, 1 August, 2022 at 11:37 am by The Malta Business Weekly

Ukrainian displaced persons enjoying temporary protection under national law, in accordance with Directive 2001/55/EC and Council implementing Decision (EU) 2022/382, have urgent need to convert money to cover essential expenses.

In the past months it has been observed that these persons have been arriving in Malta with Hryvnia banknotes but have been facing difficulties when it comes to converting their money to Euro. This situation in Ukraine has prevented credit and financial institutions in Malta from accepting the exchange of Hryvnia banknotes. Additionally, the National Bank of Ukraine has suspended the exchange of Hryvnia banknotes into foreign cash to protect Ukraine’s limited foreign exchange reserves.

By virtue of a European recommendation, the Central Bank of Malta and the National Bank of Ukraine have come to an agreement on the limited exchange of Hryvnia banknotes for individuals benefitting from protection in Malta. Through this agreement, the Central Bank of Malta is seeking to provide the necessary exchange facilities and is complementing the humanitarian assistance that Malta is providing to the individuals fleeing such hostilities, with the risks associated with the service being fully underwritten by the Government of Malta.

This currency exchange agreement has been signed by the Central Bank of Malta Governor, Professor Edward Scicluna and the National Bank of Ukraine Governor, Kyrylo Shevchenko.

The agreement comes into effect on 1 August 2022 and the exchange service will be available only from the Central Bank of Malta. An information brochure on the exchange service is also being provided and will be available for Ukrainian refugees in Malta. The brochure features information both in English and Ukrainian.

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