Tiraspol, 27 December. /Novosti Pridnestrovya/. The parliamentary committee for economy has backed President Vadim Krasnoselsky's bill extending the norm obligating electric power exporters to sell 100% of their currency earnings to 31 December 2017, MP Alexander Korshunov told journalists.
The proxy company Energocapital is currently the only company exporting electric power to Moldova. 40% of all Pridnestrovian exports account for Energocapital. The company extends the power supply contract each year in early April. The current agreement expires on 1 April 2017.
The law obliging Energocapital to sell 100% sale of its currency earnings was adopted by the Supreme Council in June 206. The norm, according to MPs, was a response to the foreign exchange crisis that broke out this spring. According to the new agreement signed between Energocapital and the Moldovan party, the price for Pridnestrovian electricity fell by 30%. Amid recession, falling indicators of foreign trade turnover and remittances sent to the country, the reduction of power export prices led to a severe foreign exchange shortage. High demand for foreign exchange and reduced currency earnings in Pridnestrovie traditionally provoke a decline in central bank reserves. As a result, Pridnestrovie has been facing the foreign exchange crisis — today's demand for foreign currency is many times higher than supply.
