Switzerland ends emergency cash exchange system for Ukraine refugees
An arrangement between the central banks of Switzerland and Ukraine to allow refugees to exchange their hryvnia currency into francs has been discontinued.
This content was published on
1 minute
swissinfo.ch/mga
Español
es
Suiza pone fin al sistema de cambio de moneda de emergencia para los refugiados de Ucrania
The facility was set up in June after arriving refugees found that Swiss banks were unwilling to take their hryvnia in exchange for francs. Banks feared incurring losses as the franc gained in value against the Ukrainian currency.
Furthermore, the usual currency swap arrangement between the Swiss National Bank (SNB) and its Ukrainian counterpart were severely disrupted by the war.
In June, Switzerland set up the extraordinary exchange facility to allow refugees with special S status permits to exchange currencies at UBS or Credit Suisse to a maximum amount of CHF300 ($316).
But on Friday, the Swiss authorities announced that this system is to be terminated at the request of the National Bank of Ukraine (NBU), due to lack of demand.
“The reason for the discontinuation by the NBU is that demand for the arrangement has been very low in recent weeks,” read a statementExternal link. “Cashless payments to and from Ukraine continue to be ensured.”
Some 70,000 Ukrainians have fled to Switzerland since the Russian invasion, a number that is expected to swell to around 85,000.
More
More
Geldcast update: Ukrainian refugees cannot exchange cash for Swiss francs
This content was published on
In the latest Geldcast podcast, economist Fabio Canetg discusses some of the possible solutions.
Finance minister wants Swiss banks to hold more equity
This content was published on
Finance Minister Karin Keller-Sutter has repeated calls for banks and their holdings in subsidiaries abroad to hold more equity.
Telecoms sector kept Swiss competitions regulator busy in 2023
This content was published on
Last year, the Swiss Competition Commission (COMCO) conducted 27 investigations and initiated 17 preliminary investigations.
This content was published on
Although Swiss International Air Lines (SWISS) achieved higher revenue at the start of the year, it suffered a dip in profits.
40,000 signatures against animal testing in Switzerland
This content was published on
Switzerland should do away with “restrictive” animal testing and should become a model for innovative, effective, and pain-free scientific research.
More than 45,000 signatures in favour of federal funding for UNRWA
This content was published on
The Foreign Affairs Committee of the House of Representatives (FAC) is expected to decide on the funding of the UNRWA at the beginning of the week.
This content was published on
At the end of January 2024, 6,881 men and women were behind bars in Switzerland. Almost 95% of all places were occupied, the highest number since 2014.
Cases of psychological abuse of children increase in Switzerland
This content was published on
The number of cases of child abuse recorded in Swiss paediatric clinics rose to 2,097 in 2023, an all-time high, which is mainly due to improved recording.
Swiss Trade Unions bemoan ‘lost decade’ for people on lower incomes
This content was published on
While top salaries continue to rise, low and middle salaries are stagnating in real terms, according to a report published on Monday.
Storm in La Chaux-de-Fonds caused damage totalling CHF117 million
This content was published on
The storm in July 2024 left one dead and around 40 injured. Numerous trees were blown down and thousands of buildings were damaged - especially their roofs.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.