Crimea to hasten process of transferring to ruble: Temirgaliev

14 April 2014 12:02

Crimea to shorten the period of time during which the Russian ruble and Ukrainian hryvnia will simultaneously circulate in the region due to the declining value of the hryvnia, Crimean vice premier Rustam Temirgaliyev announced.

"Amid declining value of the hryvnia and the possibility of default in Ukraine we have to reconsider the terms of operating two-currency system in the region. We discuss the possibility of a withdrawal of hryvnia in a short period of time"- he said.

“We discuss the possibility of a significant withdrawal of hryvnia in case of unrestricted exchange of the ruble and hryvnia along with deposit compensation from Ukrainian banks in Crimea Deposit Insurance Agency (DIA). DIA already opening its offices in Crimea”- Temirgaliev added.

Earlier, Russian authorities have decided that until January 1, 2016 the national currency of Ukraine - hryvnia - will be circulated in the peninsula, both in cash and non-cash payments.

Russian ruble became state currency in Crimea March 17, day after Crimean referendum on status of Crimea.