Swiss banks suspend exchange of Ukrainian currency for Swiss francs


Switzerland has announced that it will stop allowing the change of grivnasthe Ukrainian currency, by Swiss francs (CHF) in the country’s bank branches from today, following the request of the Central Bank of Ukraine (NBU). The measure was decided on November 18 after the registration of a major fall of the demand for change in recent weeks.

According to the Ukrainian bank, the traffic of cashless payments in and out of Ukraine continues “guaranteed”. From June 27 to this Friday, Ukrainian citizens with Swiss protection status S had been able to exchange their local banknotes for up to maximum of 300 francs (just over 305 euros) at some Swiss bank offices. This amount is equivalent to about 10,000 grivnasthe official currency of Ukraine.

Swiss National Bank (SNB) spokesman Christopher Hirter, has estimated the amount exchanged during the five months of the measure at 330,000 francs, “a figure that corresponds to what we initially valued,” he commented.

In addition, the spokesman explained that the demand was strong during the first weeks in which the measure was in force, but acknowledges that “it had weakened in recent weeks”. However, he has not ruled out that exchanges could be reactivated if the influx of Ukrainian citizens displaced to Switzerland increases in the winter months.


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