Effective 21 June 2022, Ukrainians who relocated to Italy as they fled the war will be able to exchange cash hryvnias for euros. The NBU and the Bank of Italy signed a relevant agreement on 6 June.
Ukrainian citizens, minors included, with a temporary permit to live in Italy or those granted international protected status will be able to exchange their cash hryvnias for euros in Italian-based branches of the Bank of Italy or in several branches of relevant commercial banks. A relevant list comprising more than 400 branches of partner banks across Italy is available on the Bank of Italy’s website and will be updated as needed. Unaccompanied displaced minors must have a legal guardian to make such exchange transactions for them.
The agreement enables exchange transactions within a limit of UAH 10,000 in cash per person. The agreement stipulates that only 100-hryvnia, 200-hryvnia, 500-hryvnia, and 1,000-hryvnia bills will be exchanged (lower denomination banknotes and coins will not be accepted). Significantly worn-out and defective banknotes will not be exchanged.
These transactions will be based on a fixed exchange rate of the hryvnia against the euro that will be set by the NBU. Data on set exchange rates will be updated every Friday and published on the Bank of Italy’s website. It will not be necessary to open an account or pay any fees to exchange cash hryvnias for euros.
"The agreement with the Italian central bank has expanded the list of countries where the Ukrainians displaced away from Ukraine will be able to exchange their cash hryvnias for local currencies. I am extremely grateful to my Italian colleagues for their help organizing the exchange of cash hryvnias in Italy. The NBU is in active talks with the central banks of other partner countries to enable displaced Ukrainians to exchange cash hryvnias for host country currencies,” said NBU Governor Kyrylo Shevchenko.
As previously reported, the NBU has since the start of the war signed cash hryvnia exchange agreements with Narodowy Bank Polski, Deutsche Bundesbank, National Bank of Belgium, Sveriges Riksbank, and De Nederlandsche Bank.