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.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
Precious archaeological vases and coins returned to Italian museum
This content was published on
The Italian authorities have recovered over 2,500 precious ancient coins, vases and small sculptures that had been illegally dug up and sold in Switzerland, Eurojust announced on Monday.
PrimeEnergy Cleantech declared bankrupt by Swiss authorities
This content was published on
PrimeEnergy Cleantech has been officially declared bankrupt, the Swiss Official Gazette of Commerce (SOGC) reported on Monday.
This content was published on
The consumption of antibiotics has risen in Switzerland since the Covid-19 pandemic. However, compared to other European countries the Alpine country has one of the lowest levels of antibiotic usage.
Swiss financial watchdog foresees greater uncertainty due to geopolitics
This content was published on
The Swiss financial sector will face greater uncertainty due to the numerous geopolitical conflicts around the world, warns the Swiss Financial Market Supervisory Authority (FINMA).
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.