The European Central Bank is ready to organise a scheme for millions of Ukrainian refugees to exchange their hryvnia currency into euros if the EU gives the ECB a guarantee that would cover the bank's risk, an ECB document showed.
Almost 4 million Ukrainians have fled the Russian invasion into the EU but they face problems with exchanging money because few banks want to buy the currency of a country engulfed by war.
"The alternative option is based on a mandate given to the ECB by the central bank of Ukraine," the ECB paper said. While the ECB proposal is for euros, the bank said it could be extended to include EU countries that do not use the euro.
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