Ruble becomes single currency in Donetsk People’s Republic

Russian ruble has been approved as the single currency in territory of the Donetsk People’s Republic (DPR). The announcement on it was published on the website of the Finance Ministry on September 3.

“Ruble is the only compulsory currency and the prices, tariffs and the budgetary payments have been re-calculated on the basis of the single currency,” DPR Finance Minister Yekaterina Matyushchenko said. At present, she said, ruble accounts for 92% of the DPR budget, while hryvnia accounts for only 8%.

EADaily reported earlier that DPR shifted to a floating rate of the Russian ruble (RUR) on September 3. For the time being, the exchange rate is as follows: 1UAH/3RUR. Earlier, a hryvnia cost 2 rubles. The multi-currency zone in the territory of the DPR was introduced to counteract the blockade announced by Kiev and to stabilize the economic situation. DPR Head Alexander Zakharchenko said the ruble rate was a “cohesive measure necessary to fill the financial market amid transition to the multi-currency system.”