People fleeing the war in Ukraine are reported to be finding it difficult to convert their Ukrainian money into the currency of the EU countries they have made their new home.
Mbogné Saah Jules Bokade is just one of many refugees coming from the embattled country due to the Russian invasion, who is finding out that nowhere will accept his hryvnia – Ukraine’s national currency.
“In Belgium, we can’t find banks that accept Ukrainian money. I have been to lots of banks and I have not found a solution,” Bokade told Euronews.
Many banks don’t want to exchange the notes, as they have limited convertibility due to the war.
Bokade arrived in Belgium from Ukraine some weeks ago with all his money in cash: a total of 40,300 hryvnias, around €1,300.
“This money in Ukraine is a year’s worth. In Ukraine, things are different and the salaries are really low,” Bokade said.
But the EU is now trying to resolve the difficulties. Two weeks ago, the European Commission proposed a recommendation on the conversion of hryvnia banknotes into the currency of host member states.
The scheme will allow the exchange of the equivalent to €300 for a period of three months, a quantity that critics say is not enough.
Austria, Hungary and Poland already have a similar scheme in place, but an EU-wide one is set to be approved later this week.
According to the United Nations, more than 4 million Ukrainians have now fled the country and come into Europe.
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