The legislations in the economic sphere were considered in the Supreme Council

The legislations in the economic sphere were considered at the plenary session of the Supreme Council. They concern currency control and protection of the population from multilevel marketing pyramid schemes.

Fight against pyramid schemes

The Pridnestrovian Republican Bank may have additional levers to combat illegal activities in the financial market of Pridnestrovie, in particular, to counter financial pyramids. The law-in-draft on amendments to the law "On the Central Bank of the Pridnestrovian Moldavian Republic" was adopted in the first reading at a session of parliament. The initiative was submitted by a deputy of the Committee on Economic Policy, Budget and Finance. As Yuri Kucherenko noted, financial pyramids returned to Pridnestrovie after two decades last year. Part of the population of the republic became victims of fraudsters. The total amount of losses is hundreds of thousands of dollars according to unofficial data. For example, the financial schemes collapsed as expected. Therefore, it is planned to organize the work in such a way as to most effectively counter fraudsters and protect the population of Pridnestrovie from participating in such projects.

The law-in-draft assumes that the Central Bank of the Pridnestrovian Moldavian Republic will be able to suppress illegal financial activity by informing law enforcement agencies. The credit institution will create and publish a list of individuals and legal entities with identified signs of fraudulent financial schemes, quasi-investment projects, and other illegal activities in the financial market. The criteria for inclusion in this list will be determined and approved by the bank's board. The list of entities will be for reference only and will be posted on the official website of the Bank of Pridnestrovie. The head of the Pridnestrovian Moldavian Republic will have the right to notify law enforcement agencies about the dissemination of information by dubious participants in the financial market for a final assessment of their activities.

On the repatriation of foreign exchange earnings

The law-in-draft "On Amending the Law of the Pridnestrovian Moldavian Republic "On Currency Regulation and Currency Control" passed the first reading. The author of the initiative is the deputy of the Supreme Council Gregory Dyachenko.

The problem is that a number of importers experience difficulties when importing goods to Pridnestrovie due to sanctions on export or transit, or when returning advance payments for failed imports. For example, a situation arises when a resident from Pridnestrovie transfers an advance payment in foreign currency for goods to a bank in another state, but if the import to the republic was not completed, he cannot get the money back – due to sanctions, foreign banks may refuse to make payments in favor of Pridnestrovian business entities. They in turn cannot close the obligation to repatriate foreign exchange earnings.

The purpose of Gregory Dyachenko’s initiative is to introduce an amendment so that a resident who was unable to import goods from another country would have the opportunity to close the repatriation obligation in a different way than that provided for by the current version of the law “On currency regulation and currency control”.