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Donetsk republic permits use of world currencies amid shortage of Ukrainian cash

February 26, 2015, 13:22 UTC+3 ROSTOV-ON-DON

The self-proclaimed Donetsk People's Republic has allowed the circulation of some foreign currencies, including the dollar, the euro and the yuan because Ukraine's hryvnia is in short supply

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ROSTOV-ON-DON, February 26. /TASS/. The self-proclaimed Donetsk People’s Republic has allowed financial transactions in several foreign currencies, such as the US dollar, the euro and the yuan, because the Ukrainian national currency, the hryvnia, is in short supply, the Donetsk Republic’s representative in the Contract Group, Denis Pushilin, told the media.

"Hryvnia supply is wearing thin. We have allowed the circulation of some foreign currencies, including the dollar, the euro and the yuan. This is a temporary measure. It remains to be seen whether we shall keep the hryvnia. Printing our own currency is a costly affair. That’s a fundamental question," said Pushilin, a deputy speaker of the Donetsk Republic’s legislature.

At the same time he pointed out that not a single big business tycoon existed in the Donetsk Republic at the moment.

"We have no oligarchs, but we are for private enterprise and sound competition and against corruption," he said.

"We do need investment. Every single entrepreneur considering investment plans must have a clear idea what taxes are to be paid and what the rules of doing business here are. Some enterprises will be allowed to pay a lower tax and get assistance from the republican authorities until they find their feet. In the future their taxes will replenish the budget," Pushilin said.

He is certain that businesses in the Donetsk Republic "are capable of playing an important role in terms of import substitution and prove helpful to Russia in that respect."

"Russia may find it too costly to build certain industrial facilities from scratch. Their repayment period may prove as long as ten to fifteen years. Establishing cooperation with our manufacturers will spell far greater benefits," Pushilin said.

Earlier, the head of the self-proclaimed Luрansk People's Republic, Igor Plotnitsky, said the Luhansk Republic was shifting to a multi-currency financial system.

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