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Switzerland to ease exchange of Ukrainian currency in line with EU

Swiss banknotes and cash
Keystone/Georgios Kefalas

Refugees with a special legal status will be able to exchange a limited amount of Ukranian banknotes for Swiss francs.

The Swiss government on Wednesday announced that adults with a protection S status may exchange one amount of up to 10,000 hryvnia – the equivalent of CHF300 ($310.50) at selected branches of the two main Swiss banks, UBS and Credit Suisse.

The regulation is due to come into force next Monday, according to the State Secretariat for International FinanceExternal link.

The plan to permit the exchange of cash was agreed between the finance ministry, the Swiss National BankExternal link and the two main commercial banks.

A similar programme has been proposed by the European Union and has already been implemented in Germany, the Netherlands, Italy, Sweden and Belgium.

Nearly 56,000 people from Ukraine have fled to Switzerland since February and the Swiss banks often refused to convert the cash they brought with them into Swiss francs.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR