Tiraspol, 5 April. /Novosti Pridnestrovya/. A $10-million loan proposed by Agroprombank will not cardinally change the situation in the exchange market, said the deputy chair of the Pridnestrovian Republican Bank (PRB), Vadim Stepanov, on the First Pridnestrovian TV channel. He noted that in several recent trading sessions the PRB could not meet any bank request for currency purchase because banks require an average of $10 million at each bidding to meet their customers' demands.
«If we take this loan today and meet our client banks' requests, the central bank will have liabilities, but the problem will be only postponed as this amount is sufficient for a day of bidding only," he said.
What will happen next, according toVadim Stepanov, can be seen from the following example.
«We have a currency intervention mechanism. This is like having a car which needs petrol (i.e. currency) to go. We get five litre of petrol, fill up the tank and drive. We have driven 5 km and stopped, and it turned out that we have been going in the wrong direction because we had had no liabilities before taking up a loan. We have consumed all petrol, we have loan liabilities and a petrol station is still far away," explained Stepanov, adding that a discussion of Agroprombank's loan is not over.
He also noted that in connection with the difficult situation in the exchange market the central bank suggested that all commercial banks, including Agroprombank, sell part of their currency to the PRB.
«We have sent out a letter proposing that banks do what they can to help, but they have not replied, and as for today we haven't managed to suffice the bidding because of lack of supply," said Vadim Stepanov.
