Voices from Russia

Saturday, 5 September 2015

Central all-Republic Bank will Set Price of Goods Imported from the Ukraine for Sale in DNR Markets

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Today, Vladimir Nekrasov, Acting Chief Inspector for Supervision of Pricing under the DNR Ministry of Economic Development, told us:

Enterprises that import goods from the Ukraine should execute all relevant customs documents in Roubles. When they set their prices, they should tie them to the exchange rate for the day set by the DNR Central all-Republic Bank (TsRB). Today’s exchange rate set by the TsRB is 3.0594 Grivnya to 1 Russian Rouble. The price of goods imported into the DNR before 1 September should remain unchanged, that is, at a rate of one Grivnya to one Rouble.

5 September 2015

DAN Donetsk News Agency


Thursday, 3 September 2015

DNR Ministry of Finance sez Rouble Sole Accounting Currency

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DNR Finance Minister Yekaterina Matyushchenko stated that prices, tariffs, and budgetary payments in the DNR would be base-priced in Roubles, according to a DNR Council of Ministers decision, which came into force on 1 September, saying:

The sole approved accounting unit is the Russian Rouble. The Rouble is the sole mandatory exchange unit for calculating prices, tariffs, and payments from the budget. The share of the Rouble in DNR transactions now stands at 92 percent and the Grivnya at 8 percent.

The decree “On introducing amendments to the Resolution of the Council of Ministers on 18 March 2015 № 4-11 ’On the order of use of currencies in the DNR’” ordered a transition from a fixed 2:1 Rouble/Grivnya exchange rate to a floating rate. The DNR authorities introduced a multi-currency régime to counteract the Kiev junta blockade, to stabilise the economic situation. According to DNR Chairman of the Government A V Zakharchenko, “We needed to do this, to transition the financial market to a multi-currency system”.

 3 September 2015

DAN Donetsk News Agency


Tuesday, 1 September 2015

OFFICIAL No Price Increases in LNR Due to Transition to Rouble as Main Currency on 1 September

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Today, Chairman of the LNR Government I V Plotnitsky noted at a news conference:

There won’t be any price increases in the Republic on 1 September after we transition to the Rouble as our main currency; it isn’t going to happen. Prices won’t go up; there won’t be any rise in any prices. The LNR government discussed aspects of the transition to the Rouble in terms of government payments, but this wouldn’t affect the level of consumer prices. Nothing will go up in price.

Earlier, Chairman Plotnitsky refuted internet and Ukrainian media allegations about a supposed return to the Ukrainian Grivnya as the basic currency unit in the LNR.  He urged people not to believe “internet fables” and to verify all reports against information published in official LNR media. Ukrainian social networks and a number of media outlets also claimed that the LNR Council of Ministers of the allegedly cancelled the decree making the Russian Rouble the basic currency in the Republic as of 1 September 2015. The fabricators of the fraud even cooked up a false text of a “resolution”, but it turned out it wasn’t very believable. Commenting on this forged decree, LNR Minister of Finance Yevgeni Manuilov noted that Kiev realised that it’s losing the economic war against the Republic, so, it intensified its posting of frankly false information and crudely constructs forgeries.

31 August 2015

LITs Lugansk Information Centre


Wednesday, 19 August 2015

OFFCIAL LNR Council of Ministers Declares Russian Rouble Main Means of Exchange in the LNR Beginning on 1 September 2015

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A decree of the LNR Council of Ministers establishes that the basic monetary unit in the LNR for all transactions, beginning on 1 September 2015, will be the Russian Rouble.

In order to take measures to stabilise the financial and monetary system, and to ease financial operations in the LNR, since mainly the Russian Rouble is in use and there is a sharp decline in the use of Ukrainian Grivnya, we establish that the basic monetary unit in use in the LNR will be the Russian Rouble. We shall allow the Ukrainian Grivnya, the US Dollar, and the Euro to circulate, in both currency and cashless transactions. Wages to public sector workers, pensions, and other social payments, according to current legislation, will be in Russian Roubles. We will recalculate wage payments to public sector workers, pensions, and other social payments, rates for public utilities and other payments, now determined in Ukrainian Grivnya, in Russian Roubles, using a conversion rate of 2 Roubles per Ukrainian Grivnya. Planning, budgetary, financial and tax reporting forms will also be in Russian Roubles.

All business entities operating in the LNR, regardless of ownership, must allow payment for consumer goods and services using the official monetary units allowed… Russian Rouble, Ukrainian Grivnya, US Dollar, and the Euro, but the prices of goods and rates for services will be in Russian Roubles. The LNR State Bank will provide daily information to economic entities operating in the LNR and to LNR citizens of the official rate of the Russian Rouble against the Ukrainian Grivnya, the US Dollar, and the Euro. Business entities, following established procedure in the field of financial services currency exchange, will provide in their exchange offices the rate of the Russian Rouble to the Ukrainian Grivnya, the US Dollar, and the Euro using (if needed) information signs, stands, and boards to display exchange rates.

The Resolution of the LNR Council of Ministers on 3 March 2015 № 02-04/55/15 “On the order of use of the official currency to implement all kinds of payments in the LNR” and the Resolution of the LNR Council of Ministers on 19 March 2015 № 02-04/64/15 “On using the official currency to pay wages to public sector workers, pensions, and other social benefits in the territory in the LNR”, as well as a number of other regulations amending these two documents, are now invalid.

This Decree shall enter into force on 1 September 2015.

19 August 2015

LITs Lugansk Information Centre


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