According to Eduard Kosovsky, only 8% of export transactions are made in Russian roubles, therefore Pridnestrovie's exporters do not generally sustain heavy losses due to the Russian rouble devaluation
"Recently there has been much told about the necessity of devaluing our rouble because of existing difficulties. Today the situation has changed fundamentally: negative trends have given way positive ones. We had enormous difficulties of converting Moldova's lei. The enormous amount of lei prevented us from adequately influencing the cash market. We ran out of almost all our cash reserve, which naturally caused some agiotage on the market. However, we did not have problems with non-cash money. We had a sufficient reserve of non-cash money to cover import contracts," said Eduard Kosovsky, the Chairman of the Pridnestrovian Republican Bank (PRB).
According to him, 8% of our export transactions are made in Russian roubles. The rest 92% are in US dollars, euros (3%) and other currencies, but pegged to the US dollar. Thus, Pridnestrovie's exporters do not generally incur heavy losses.
"Next year the exchange situation is going to be even more favourable. In terms of macroeconomics, we are even supposed to revalue and still more strengthen our rouble. However, we are not going to take such steps so far. There must be stability. We won't go from one extreme to the other," said Eduard Kosovsky.
With regard to Russia's currency buying and selling on the Pridnestrovian market, the PRB chairman noted that all exchange offices accept Russian roubles. "Yesterday we had to allow our exchange offices to update the rate several times a day, as required. We could not act in a different way. I hope the situation will stabilise; commercial banks are interested in working and selling Russian roubles. It is the exchange rate that is open to question.
As for the US dollar, according to Kosovsky, there is some shortage of this currency, but it will be eliminated soon.
"Moldova's lei prevailed in our foreign exchange reserves at one point, which was connected with the existing geopolitical situation, in particular, with Moldova's parliamentary elections. We could not convert those lei for some time. Now the problem has been solved at the political level. We are taking steps and considering the possibility of increasing surrender requirements for the entities which are licensed to use foreign currency within Pridnestrovie," underscored Eduard Kosovsky.
