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Crimea shifts to ruble non-cash transactions

May 07, 2014, 15:57 UTC+3 SIMFEROPOL
The decision of the National Bank of Ukraine to wind up operations of all Ukrainian banks on the peninsula rendered hryvnia circulation here impossible
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SIMFEROPOL, May 07. /ITAR-TASS/. All non-cash transactions in the Republic of Crimea are carried out only in Russian rubles, CrimeaInform news agency reported on Wednesday.

The decision of the National Bank of Ukraine to wind up operations of all Ukrainian banks on the peninsula rendered hryvnia circulation here impossible, said First Deputy Chairman of Crimean Council of Ministers Rustam Temirgaliyev quoted by the agency.

However, the Crimean economy has run into no difficulty because of the decision, as it was ready for that, he added. For a smooth transition to ruble payments, the people will be able to exchange hryvnias for rubles according to the central Bank of Russia’s exchange rate at any banking institution during the unlimited period of time. Cash hryvnias will be in circulation for about one month more, added Temirgaliyev.

A total of 207 branches of Russian banks have already been opened in the republic, 51 more will be opened in the near future, he said. More than 23,000 legal entities have already opened up and are using ruble accounts.

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