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Ulyukayev: сreation of bi-currency system with ruble in DPR, LPR possible but ineffective

November 17, 2014, 21:51 UTC+3
Russian Economic Development Minister cited Transdniestria, where the Russian ruble is in circulation, as an example
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© ITAR-TASS

MOSCOW, November 17. /TASS/. Russian Economic Development Minister Alexey Ulyukayev said Monday the establishment of a bi-currency system with the ruble in the self-proclaimed Donetsk and Lugansk People’s republics is technically possible but would be ineffective.

“Can an effective bi-currency system be created for the entity that is called the unrecognized Donetsk People's Republic and unrecognized Lugansk People’s Republic - it is certainly technically possible. We know examples of this,” Ulyukayev told the Ekho Moskvy (Echo of Moscow) radio.

He cited Transdniestria, where the Russian ruble is in circulation, as an example.

“But of course this is ineffective, difficult, inconvenient, and should be avoided. But in order to solve some everyday situations, it would probably be possible,” Ulyukayev said.

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