Ukrainian refugees in Germany will be able to exchange banknotes of their currency, the Ukrainian hryvnia, into euros without conversion rates starting Tuesday.

The German finance ministry, German Federal Bank, German banking industry, and the National Bank of Ukraine, approved.

“Refugees can exchange a total amount of up to 10,000 hryvnia into euros at participating German banks and savings banks,” the German finance ministry stated.

“The exchange can also be made in several installments and is to be free of charge. Banknotes of 100, 200, 500 and 1,000 hryvnia of the currently valid banknote series of the National Bank of Ukraine will be accepted,“ the ministry said.

It continued with the agreement amounts to an exchange volume of initially 1.5 billion hryvnia.

“The exchange into euro will be carried out at the exchange rate announced on the Bundesbank’s website. The exchange is recorded in an online application provided by the European Central Bank to ensure that the individual maximum exchange amount is not exceeded. In this process, the identity of each refugee of legal age who wishes to participate in the exchange is recorded and verified. The documents accepted are those used for opening a basic account by refugees from the Ukrainian war zone. The requirements of data protection will be respected,” the ministry added.