In view of the proposal by the National Bank of Ukraine, the exchange of Ukrainian hryvni (UAH) to euro (EUR) at the official exchange rate set by the National Bank of Ukraine will be ceased after 9 December 2022.
The exchange of UAH to EUR and other local currencies has already been discontinued or will also be suspended in other European countries involved in this initiative aimed at helping Ukrainian refugees. According to the National Bank of Ukraine, this decision has been taken in the light of the reduced demand for the exchange of UAH as many refugees have already exchanged them, but others have returned to their homes in Ukraine.
After 9 December, the exchange of UAH to EUR will be continued by the Latvian currency exchange bureaus that do it voluntarily and at market rate.
Latvia commenced the exchange of UAH to EUR according to the rate set by the National Bank of Ukraine at the beginning of September 2022.
For the attention of Ukrainian refugees! This opportunity will be available for three more weeks, and 9 December is the last day when UAH can be exchanged to EUR in branches of AS Industra Bank (https://industra.finance/lv) and AS Rietumu banka (https://www.rietumu.com/lv/person) in Riga and four Latvian cities (more detailed contact information is available at: https://industra.finance/banka/kontakti-un-rekviziti, https://www.rietumu.com/lv/about-bank/bank-details).
As a reminder, no fees or commission is charged for the currency exchange. The following principles are applied to the exchange process:
• only banknotes with the following face value are exchanged: UAH 100, 200, 500 and 1000;
• badly damaged banknotes are not exchanged;
• the maximum amount that can be exchanged by one Ukrainian refugee is UAH 10 000;
• all Ukrainian refugees registered in Latvia are entitled to foreign exchange transactions;
• the exchange rate of UAH to EUR is established by the National Bank of Ukraine (it is revised once a week and published on the website of Latvijas Banka – bank.lv).
All hryvni exchanged by AS Industra Bank and AS Rietumu Banka are resold to Latvijas Banka, which in turn will exchange them to euro at the National Bank of Ukraine. The exchange rate fixed by the National Bank of Ukraine is used in these operations and thus none of the parties involved will profit from these operations.
Latvijas Banka would like to thank AS Industra Bank and AS Rietumu Banka for cooperation and volunteering in this support measure aimed at Ukrainian refugees.