As part of the EU's humanitarian support to people fleeing the crisis in Ukraine, the European Commission suggested on Friday enabling refugees to convert their hryvnia cash into euros up to a limit of 300 euros (USD331.7) per person. The idea, which takes the form of a suggestion to EU states and would require their approval, would allow persons who have fled to the European Union to convert up to 10,000 hryvnia without fee.

Based on the official exchange rate of Ukraine's National Bank, which would be applied, the maximum amount would be 307.91 euros. Over 3.8 million migrants have crossed the border into EU countries since Russia's invasion of Ukraine. They already have "temporary protection" status in the EU, which allows them to work, receive medical care, and send their children to school.

The Commission stated that its advice was important to provide a coordinated response in all EU nations since the Ukrainian central bank had to restrict trades to protect the country's low foreign exchange reserves. Due to the limited convertibility of banknotes and exposure to exchange rate risk, EU financial institutions were unwilling to conduct hryvnia transactions. (1 dollar = 0.9044 euros).

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