The Parliament Speaker commented on PRB report on activities in 2020

Chairman of the Pridnestrovian Republican Bank Vladislav Tidva at the plenary meeting on June 23 presented the main parameters of the banking sector in 2020. The Speaker of the Supreme Council of the Pridnestrovian Moldavian Republic Alexander Korshunov commented on the report of the Head of the Central Bank.

The PMR Supreme Council Chairman noted: despite the fact that 2020 was a difficult year, the Pridnestrovian Republican Bank in its activities maintained the principle of continuity and continued to implement the policy of targeting the exchange rate of the US dollar in relation to the Pridnestrovian ruble. The currency corridor corresponded to the range of 16.10-16.50 rubles per dollar in 2020. In fact, the nominal dollar exchange rate during 2020 was unchanged – 16.10 rubles per dollar. Thus, the goal of the central bank was achieved, emphasized Alexander Korshunov.

The PMR Supreme Council Chairman recalled that over the past few years, the Central Bank's circle of responsibility in the financial sector has been significantly expanded according to the model of a single regulator of the financial market. In particular, the PRB in 2018 was legally assigned the function of control and supervision of insurance activities. In fact, the regulatory framework for regulating insurance activities in the republic corresponding to international practice has been created during this time. There are two insurance organizations operating in the republic now. Control and regulation of the microfinance services market was added to the functions of the Central Bank in connection with the adoption of the Law “On Microfinance Activities and Microfinance Organizations” in 2020. It entered into force on January 1, 2021. One microfinance organization operates within the established rules.

The PRB report sounded information that a mechanism was used to subsidize interest rates on loans in priority sectors - for the purchase of fixed assets and other support programs in 2020 within the framework of lending to legal entities in addition to standard programs. 19 million rubles were spent on subsidies from the budget. These are mainly agricultural enterprises, including the processing of agricultural products.

The resolution on the approval of the report of the Pridnestrovian Republican Bank for 2020 and the text of the report were published on the official website of the Supreme Council of the Pridnestrovian Moldavian Republic.