The Central Bank of Malta has signed a currency exchange agreement with Ukraine, making life easier for refugees from that country now living in Malta.

The bank said that over the past months it observed that Ukrainians had been arriving in Malta with Hryvnia banknotes but they were having difficulties converting them to euro.

"The situation in Ukraine has prevented credit and financial institutions in Malta from accepting the exchange of Hryvnia banknotes. Additionally, the National Bank of Ukraine has suspended the exchange of Hryvnia banknotes into foreign cash to protect Ukraine’s limited foreign exchange reserves," the Central Bank pointed out. 

By virtue of a European recommendation, the Central Bank of Malta and the National Bank of Ukraine have now come to an agreement on the limited exchange of Hryvnia banknotes for individuals benefitting from protection in Malta.

"Through this agreement, the Central Bank of Malta is seeking to provide the necessary exchange facilities and is complementing the humanitarian assistance that Malta is providing to the individuals fleeing such hostilities, with the risks associated with the service being fully underwritten by the Government of Malta," the CBM said. 

This currency exchange agreement has been signed by the Central Bank of Malta Governor, Professor Edward Scicluna and the National Bank of Ukraine Governor, Kyrylo Shevchenko.