The authorities of the Transnistrian region admitted that they use mechanisms to maintain the exchange rate of the Transnistrian ruble because they want to prevent the sudden worsening of the situation of the population. Dimitry Boltrushko, deputy head of the so-called economy ministry of the region, said the sudden depreciation of the Transnistrian ruble would cause panic among the people and these would start to exchange their savings for foreign currency, but the region’s banking authority does not possess so much foreign currency, IPN reports, quoting the public TV channel of Tiraspol.

Dimitry Boltrushko added that if the ruble was not maintained, the people would become much poorer in a very short period of time. Given that Tiraspol imports a lot, including basic necessities, the prices will soar.  The exporters will gain if the ruble depreciates, but the general effect on the economy will be negative.

The Transnistrian administration limits imports and maintains the exchange rate of the ruble against foreign currency in a move to avoid a worsening of the economic situation in the region. Dimitry Boltrushko said the taken measures will allow maintaining the ruble in the medium term and even in the long term.