PRB: Pridnestrovie's economy is developing on the more favourable scenarios

08/14/17 16:09

PRB: Pridnestrovie's economy is developing on the more favourable scenarios

The central bank forecasts an increase in imports and exports by 6-7% by the end of the year
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Tiraspol, 14 August. /Novosti Pridnestrovya/. The Pridnestrovian economy is developing following the more favourable of the two forecasts made by the central bank, the PRB's press release says.

According to the financial regulator, July saw an increase in foreign exchange earnings within the framework of the compulsory sale of a portion of the foreign exchange earnings from exports. If in January $4.6 million came to the foreign exchange reserves, excluding the revenues from the sale of electricity, in July this amount reached $10.8 million.

«This growth relates to both the increase in production and the implementation and tightening of the rate of repatriation of foreign exchange earnings, as well as to abandoning dual foreign exchange rates, whereas previously economic agents kept the earnings in foreign accounts until the earliest possible date of their return to the country under the current law," says the PRB.

There is also a growing volume of incoming remittances, which is another source of foreign exchange. If in January-July 2016 private remittances accounted amounted to $26.5 million, in January-July 2017 this sum is estimated at $42.4 million. In the meantime, taking into account the remittances, the balance increased by nearly 5 times to $25.7 million, the press release says.

As a result, the first deliveries of the currency on previously concluded contracts were carried out in August in the context of non-cash foreign exchange interventions. «The central bank has fully fulfilled all its obligations," says the press release.

In order to stabilise the cash-flow segment of the foreign exchange market, from 17 June on, there was extensive cash intervention through a network of three commercial banks with the largest number of affiliates and branches. As a result, the central bank halted its intervention on 7 August, and there has been an excess of supply over demand in the cash foreign exchange market.

«The emerging situation in the external economic sphere shows that the economy is developing following the second — favourable — forecast by the central bank, which is based on the preconditions for a more substantial increase in the export of Pridnestrovian goods to foreign markets," the press release underscores.

The main export growth, according to the PRB, will take place at the expense of the increased supply of black metal and light industry products abroad. Proceeding from this, the PTB expects that at the end of the year exports and imports will grow by 6−7%.

 

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