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Self-proclaimed Luhansk republic to launch its own banking system in January

December 08, 2014, 17:21 UTC+3 LUGANSK
The first step in this direction will be the introduction of payment processing centers in all towns from December 20 which will allow all kinds of non-cash transactions, LPR’s Finance Minister says
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Сity of Luhansk

Сity of Luhansk

© Stanislav Krasilnikov/TASS

LUHANSK, December 8. /TASS/. The government of the self-proclaimed Luhansk People’s Republic (LPR) is set to introduce its own banking system since January 2015, LPR’s Finance Minister Yevgeniy Maynulov said on Monday.

“The first step in this direction will be the introduction of payment processing centers in all towns from December 20 which will allow all kinds of non-cash transactions,” the minister was quoted by Novorossiya press center as saying.

These centers “will allow the region’s enterprises to open their accounts and carry out non-cash transactions” on the territories of LPR and the neighboring self-proclaimed Donetsk People’s Republic (DPR).

The citizens of the republics will be able to pay for housing and public utilities services via these centers. “The spectrum of their activity will be broad,” the minister said.

Meanwhile, it is yet unclear how the system will function, as the government stresses that it is not planning in the near future to leave the Ukrainian hryvnia zone, switch to the Russian ruble or create its own currency.

Last week, the head of LPR, Igor Plotnitsky, approved a road map for the functioning of the banking system on the territory of the republic. A similar document was adopted on the same day by DPR’s head Alexander Zakharchenko.

These documents along with the programs for ensuring the payments of pensions and social benefits are a response to the economic blockade which is currently being carried out by Kiev against the citizens of eastern Ukraine.

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