Exchange of Ukrainian banknotes (hryvnia bills) for displaced persons from Ukraine

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On 19 April 2022, the Council of the European Union issued a Recommendation inviting Member States to put in place national schemes to support the conversion of hryvnia bills for displaced persons from Ukraine. The Recommendation sets outs some requirements with which these schemes should comply (these include a definition of who is eligible to exchange the banknotes and the maximum amount of hryvnia bills that may be exchanged) in order to ensure similar conditions across all the Member States.

Implementing this Recommendation, Decree Law 50 of 17 May 2022 (Article 47) introduced the scheme for the exchange of hryvnia banknotes in Italy and, on 6 June, the operational agreement necessary for the launch of the scheme was signed with the National Bank of Ukraine.

It will be possible to exchange hryvnia bills for euros starting on 21 June 2022 and the scheme will have a duration of six months (renewable), up to 21 December 2022, or earlier if the maximum amounts of notes for which the exchange was agreed with the National Bank of Ukraine is reached before that date. Should this occur, due notice will be given on the Bank of Italy's website.

The following sections summarize the key points of the scheme that are of interest to the potential beneficiaries.

Who can exchange hryvnia bills

The list of those eligible to exchange hryvnia bills into euros comprises displaced persons from Ukraine holding a temporary protection residence permit issued by the local chief of police (questore) pursuant to Article 2 of the Decree of the President of the Council of Ministers of 28 March 2022 Ukrainian citizens resident in Ukraine prior to 24 February 2022 and their families (spouses, minor children and other dependents belonging to the same household). For the other categories of eligible persons, please refer to Article 1 of the Decree of the President of the Council of Ministers of 28 March 2022.

Unaccompanied displaced minors must have a legal guardian appointed by a Juvenile Court (Tribunale dei minorenni) to exchange the notes, pursuant to Law 47 of 7 April 2017.

The conversion of Ukrainian banknotes may also be requested by displaced persons who have obtained international protected status, pursuant to Legislative Decree 25 of 28 January 2008 and Article 3 of the abovementioned Decree of the President of the Council of Ministers of 28 March 2022.

Exchange rate applied

The exchange rate is set by the National Bank of Ukraine and communicated to the Bank of Italy.

It may vary on a weekly basis. Any changes will be published on this page, indicating the effective date. Effective on 5 December 2022 and until further notice, the exchange rate is 42.35 hryvnias per 1 euro.

Historical data on the exchange rate can be found in the pdf file at the bottom of this webpage.

Necessary documents, maximum amount and other conditions for exchanging banknotes

Eligible beneficiaries must show their temporary protection residence permits or international protected status permits cited in the previous section Who can exchange hryvnia bills. For identification purposes, they must possess a valid passport or, if they have none, a certificate of identity released by the Ukrainian Consulate. Unaccompanied displaced minors, in addition to their passport (or certificate of identity), must also show an identity document of their guardian and documentation attesting to the latter's appointment. Accompanied displaced minors must also show an identity document (passport or certificate of identity released by the Consulate) of one of the parents.

No fees will be applied to exchange the banknotes and it will not be necessary to open a bank account.

The maximum amount that may be exchanged is 10,000 hryvnias, pursuant to the Recommendation of the Council and the agreement with the National Bank of Ukraine. Notes can be exchanged through multiple transactions and at different branches, up to the indicated maximum amount. Compliance with the upper limit will be verified directly by the bank staff dealing with the transaction, and it will not be necessary to show any documentation relating to previous exchange transactions.

The lowest denomination for which the exchange is possible is the 100-hryvnia bill.

Damaged banknotes

Only banknotes that are intact or present damage from normal wear and tear can be exchanged. Banknotes that are not eligible to be exchanged will be returned to the bearer.

Banknotes that are worn or present only minor damage may be exchanged.

Banknotes that present significant damage may not be exchanged. Examples include:

  • mutilated banknotes;
  • banknotes composed of parts belonging to different notes;
  • banknotes torn into three or more pieces, even if belonging to the same notes;
  • banknotes with an area equal to or greater than 400 mm2 that is dirty, stained or has been written or stamped on;
  • ink-stained banknotes (from anti-theft devices);
  • banknotes lacking one or more security features.

Banknotes suspected of being counterfeit

Should the banknotes presented for exchange include bills suspected of being counterfeit, these will be seized and submitted to the competent authorities, and a receipt will be issued to the bearer, pursuant to the relevant primary legislation (Royal Decree 1518 of 20 June 1935, implementing the Geneva International Convention for the Suppression of Counterfeiting Currency and Articles 455 and 694 of the Penal Code). If the banknotes are subsequently declared genuine, the equivalent value will be paid to the bearer. If they are deemed counterfeits, notice will be given of this fact to the bearer.

Branches where the hryvnia bills may be exchanged

The Bank of Italy and the credit institutions listed in the link below take part in the national exchange scheme pursuant to Decree Law 50 of 17 May 2022 (Article 47). For operational reasons, not all branches of the participating banks carry out the exchange transactions: the list of branches that carry out the exchange, in accordance with the scheme put in place by the abovementioned decree, is available at the following link (updated periodically). The list includes the addresses (with an active link to Google Maps) and the opening hours of the branches where the hryvnia bills may be exchanged.

The branches where the service is active will exchange the banknotes after checking the relevant identity documents and verifying compliance with the individual maximum amounts (see the previous section Necessary documents, maximum amount and other conditions for exchanging banknotes). Should the automated procedure used to verify compliance with the individual upper limit be temporarily unavailable, the exchange transaction cannot be carried out until the functionality of the system has been restored.

Participating banks (branches where the exchange service is active)

Banca di Credito Cooperativo di Roma Società Cooperativa
Banca Monte dei Paschi di Siena S.P.A.
Banca Sella S.P.A.
Banco Bpm S.P.A
Banco di Sardegna S.P.A.
Bper Banca S.P.A.
Cassa Centrale Banca
Crédit Agricole Italia S.P.A.
Intesa Sanpaolo S.P.A
Unicredit S.P.A.

All Bank of Italy branches open to the public participate in the scheme to exchange hryvnia bills for euros.


For further information, please write to