Business news from Ukraine

On Monday, National Bank will hold next exchange of non-cash currency for cash for cash desks of banks

On October 3, the National Bank of Ukraine (NBU) will conduct another exchange of non-cash currency for cash to reinforce banks’ cash desks, the regulator’s press service told Interfax-Ukraine on Friday.

“On Monday, October 3, the NBU will once again carry out operations to exchange cash for non-cash currency. $100 million and EUR100 million will be offered for the exchange of a systemically important bank. The results of the operations will be made public on the day they are carried out,” the report says.

The press service noted that the previous activities of the bank had already had a positive effect, in particular, the number of banks participating in the relevant operations decreased, and the balances of foreign currency in cash in the system increased.

As reported, on September 7, the National Bank exchanged $100 million in cash for non-cash to banks, on September 12 – $100 million and EUR72 million, on September 19 and 27 – $100 million and EUR20 million each.

The regulator clarified that the operations of exchanging non-cash currency for cash will be carried out as long as it is necessary. The results of the relevant transactions will be published on the day of the transaction on Facebook and Telegram.

The NBU noted that such operations will not affect international reserves.

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Malta starts exchange of cash hryvnia for euros for Ukrainian refugees

The Central Bank of Malta and the National Bank of Ukraine (NBU) have launched a program for Ukrainian refugees to exchange hryvnia for euros since August 1, the NBU press service reported.
According to the report, Ukrainians who have a certificate of protection from the International Protection Agency in Malta will be able to exchange up to UAH 10,000 for one person.
Banknotes from UAH 100 to UAH 1,000 are accepted for exchange.
As reported, the hryvnia cash exchange program has already been launched in Poland, Germany, Belgium, Sweden, Italy, the Netherlands and Switzerland.

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ITALY LAUNCHES CASH HRYVNIA EXCHANGE FOR EURO FOR CITIZENS OF UKRAINE

The National Bank of Italy and the National Bank of Ukraine (NBU) have launched a program for exchanging hryvnia for euros for Ukrainian refugees since June 21, the NBU press service reported on Friday.
According to the report, Ukrainians who have been granted a temporary residence permit in Italy or international protection will be able to exchange hryvnias in the amount of up to UAH 10,000 per person.
The exchange will be available at branches of the Italian Central Bank and branches of commercial partner banks (more than 400 branches throughout the country).
As reported, the hryvnia cash exchange program has already been launched in Poland, Germany, Belgium, Sweden and the Netherlands.

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SWEDEN LAUNCHES EXCHANGE OF UKRAINIAN CASH HRYVNIA FOR KRONA

The National Bank of Sweden and the National Bank of Ukraine (NBU) will launch a program for Ukrainian refugees to exchange hryvnia cash for Swedish krona approximately from June 15, the NBU press service reported on Thursday.
According to the report, adult Ukrainians registered in Sweden will be able to exchange hryvnia in 53 branches of the Forex company in the amount of up to UAH 10,000 per person.
Denominations of UAH 100, UAH 200, UAH 500 and UAH 1,000 will be accepted for exchange.
As reported, Germany from May 24, and Belgium from June 1 launched a program for exchanging cash hryvnia for euros.

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AUSTRIAN CHANCELLOR KARL NEHAMMER: PUTIN GAVE POSITIVE SIGNAL TO EXCHANGE OF PRISONERS

Austrian Chancellor Karl Nehammer said that during a telephone conversation, Russian President Vladimir Putin gave a positive signal to the exchange of prisoners, and also wants to allow the movement of goods through the Black Sea.
“Our understanding of an active policy of neutrality is to seize every opportunity for dialogue. Therefore, I called President Putin. He gave a positive signal for the exchange of prisoners. He also wants to allow the movement of goods through the Black Sea,” the chancellor tweeted on Saturday night.

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THE EUROPEAN COMMISSION WANTS TO HELP UKRAINIAN REFUGEES IN EXCHANGE OF HRYVNIA TO EURO

The European Commission (EC) put forward on Friday a proposal for the recommendation of the EU Council on the conversion of hryvnia banknotes into the currency of the member states hosting Ukrainian refugees. “This proposal complements the humanitarian assistance provided by the EU to those who flee Ukraine, in particular when they move through the territory of the union, and it is fully consistent with EU law on asylum and foreign policy,” the EC communique published in Brussels reads. The document says that since the beginning of Russia’s invasion of Ukraine, more than 3.8 million people have arrived in the European Union fleeing the fighting. One of the urgent needs of refugees is the conversion of their hryvnia banknotes into the currency of the host country. “Today’s proposal aims to promote a coordinated approach for all Member States to offer those fleeing Ukraine the same conditions for converting their hryvnia banknotes into local currency, regardless of the Member State they are in,” the statement said. European Commission. Brussels explains that this approach was necessary due to the fact that the National Bank of Ukraine was forced to suspend the exchange of hryvnia banknotes for foreign cash in order to protect Ukraine’s limited foreign exchange reserves. As a consequence, credit institutions in the EU Member States are reluctant to make the exchange due to the limited convertibility of hryvnia banknotes. Some EU Member States are considering introducing national schemes that support the conversion of a limited amount of hryvnia per person, and the aim of the Commission, as the communiqué suggests, is to consistently promote such schemes. These schemes should include a maximum limit of UAH 10,000 per person, and the duration of such schemes should be at least three months.

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