Central Bank steps in to exchange currency for displaced Ukrainian nationals in Malta

Displaced Ukrainian persons enjoying temporary protection under Maltese national law, in accordance with Directive 2001/55/EC and Council implementing Decision (EU) 2022/382, have urgent need to convert money to cover essential expenses.

Over the past months it has been noted that such persons have been arriving in Malta with Hryvnia banknotes but have been facing difficulties when it comes to converting their money to Euro.

Indeed, the war in Ukraine has prevented credit and financial institutions in Malta from accepting the exchange of Hryvnia banknotes, while the National Bank of Ukraine has suspended the exchange of Hryvnia banknotes into foreign cash to protect Ukraine’s limited foreign exchange reserves.

By virtue of a European recommendation, the Central Bank of Malta and the National Bank of Ukraine have come to an agreement on the limited exchange of Hryvnia banknotes for individuals benefitting from protection in Malta.

Through this agreement, the Central Bank of Malta is seeking to provide the necessary exchange facilities and is complementing the humanitarian assistance that Malta is providing to individuals fleeing such hostilities, with the risks associated with the service being fully underwritten by the Government of Malta.

This currency exchange agreement has been signed by the Central Bank of Malta Governor, Professor Edward Scicluna and the National Bank of Ukraine Governor, Kyrylo Shevchenko.

The agreement comes into effect today, 1 August 2022 and the exchange service will be available only from the Central Bank of Malta.

An information brochure on the exchange service is also being provided and will be available for Ukrainian refugees in Malta. The brochure features information both in English and Ukrainian.