The course of the exchange rate stabilization

To let the rate of Pridnestrovian ruble float freely or not - such an important issue discussed in society was on the agenda of the meeting of the Committee on Economic Policy, Budget and Finance of the Supreme Council. The reason for its consideration was the excessive demand for currency on the part of both entities and the public. Its reason was the prevailing imbalance between supply and demand as a non-cash and cash currency. This led to the activation of the shadow foreign exchange market (speculators began to offer dollar for 15-16 rubles), the stagnation in the calculation of foreign trade contracts. This is the market's reaction to the proposal of the central bank to devalue the national currency by setting the "currency corridor" 14-16 rubles per dollar.

Members of the Security Council and the State Council discussed possible devaluation of PMR ruble for the first time publicly at a joint meeting March 14th. Then it smoothly moved to many hours consultation on various platforms and levels, including representatives of the central bank and the deputies of the parliamentary responsible committee. Other parameters of the "currency corridor" - 12.25 - 12.75 rubles per dollar have been identified the central bank at the board meeting of Pridnestrovian Republican Bank, held on 22 March after they have been received from the Government updated forecast of the planned volume of imports in 2016 (603 million dollars). The head of the central bank Eduard Kosovsky announced it at today's Meeting of the Parliamentary Committee on Economic Policy, Budget and Finance.

Deputies of the profile committee expressed their disagreement with the revision of the fixed Pridnestrovian ruble, according to them there are tools and mechanisms to save it at the same level legislature, in the arsenal of public authorities. According to them, it is possible to take advantage of proposed "Agroprombank" interest-free loan of up to $ 10 million for a period of five months, as in the non-cash and in the form of cash. The desire of shareholders of the bank in this critical situation to help the state was announced a week ago by the Chairman of the Board, deputy of the Supreme Council Vladislav Tidva., There was not official reaction of the PRB to this proposal during this time. This issue will be discussed today at a meeting of the PRB Banking Council.

DeputyPorfiry Shkilnyuk supposes that it is necessary to consider changing the size of the import customs duties within the framework of anti-crisis measures to maintain the ruble exchange rate. He gave evidence that during January and February of this year, the volume of imports as compared with the same period in 2015 decreased by 23%. According to the deputy, the reduction of import duties will lead to reduction in food retail prices in the domestic market, so that the residents of the republic will not need to go shopping in the neighboring countries and export currency.

Members of the Committee considered it appropriate to return to the daily practice of trading on the interbank foreign exchange auction as an additional measure to maintain the ruble exchange rate. Earlier according to the decree of the head of state dated March 4, these trades were held once a week, that did not contribute to the stabilization of the currency market.

After considering both proposals (14-16 rubles per dollar and 12.25 - 12.75 rubles per dollar), represented by the leadership of the PRB, the Committee members unanimously did not support. Adopted by colleagues decision to maintain the current course of the ruble the US dollar commented the head of the profile parliamentary committee, Alexander Martynov.