Effective 5 September, Ukrainians who relocated to Latvia as they fled the war will be able to exchange cash hryvnias for euros. The NBU and Latvijas Banka signed a relevant agreement on 16 August 2022 (hereinafter the Agreement).
Under the Agreement, Ukrainian citizens who have registered in Latvia as refugees will be able to exchange cash hryvnias for euros. Exchange transactions can be performed in some branches of AS Industra Bank and AS Rietumu banka in six Latvian cities.
The agreement enables the exchange of cash hryvnias for euros 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. Exchange rate information will be published weekly on the official websites of Latvijas Banka, AS Industra Bank and AS Rietumu banka. Latvian banks charge no fees or commissions for the respective transactions.