Transnistrian ruble


The ruble is the currency of Transnistria and is divided into 100 kopecks. Since Transnistria is a state with limited international recognition and considered as part of Moldova, its currency has no ISO 4217 code. However, unofficially some Transnistrian organisations such as Agroprombank and Gazprombank used the code PRB, a code that would otherwise be reserved for Puerto Rico. The Transnistrian Republican Bank sometimes uses the code RUP.

First ruble (1994)

Soviet banknotes were used in the Pridnestrovian Moldavian Republic after its formation in 1990. When the former Soviet republics began issuing their own currencies, Transnistria was flooded with Soviet rubles. In an attempt to protect its financial system, in July 1993 the Transnistrian government bought used Goznak-printed Soviet and Russian notes dated 1961–1992 which it modified by applying adhesive stamps bearing the image of General Alexander Vasilyevich Suvorov, founder of Tiraspol and its corresponding denomination. These stamped notes replaced unstamped Soviet and Russian notes at par. It is thought that most uncirculated notes bearing these stickers were created after 1994 specifically for collectors.

Second ruble (1994–2000)

The first, provisional issues were replaced in August 1994 by a new Transnistrian ruble, equal to 1000 old rubles. This currency consisted solely of banknotes and suffered from high inflation, necessitating the issue of notes overstamped with higher denominations. Although issued in 1994, some notes were issued dated 1993.

Banknotes

Third ruble (2000–present)

In 2000, a new ruble was introduced at a rate of 1 new ruble = 1,000,000 old rubles. This new currency consists of both coins and banknotes.

Coins

Coins are of 1 to 50 kopecks and are made from aluminium or copper-zinc and are similar to Soviet-era coinage. The 1 kopeck coins were withdrawn from circulation in January 2009.
On August 22, 2014, the Transnistrian Republican Bank issued coins made of composite materials and come in denominations of 1-, 3-, 5- and 10 rubles.

Commemorative coins

Since 2000 the Transnistrian Republican Bank has issued many commercial commemorative coins made from silver and gold. Their mintage numbers were very low, ranging between 500 and 5,000. Topics included for example "Ancient fortresses on the river Dniester", "The Outstanding people Transdniestria" and "Red book Transdniestria". A complete listing can be found on the website of the "Transnistrian Republican Bank".

Mint

When it was founded, Transnistria did not have its own mint. Thus a foreign mint had to be found to strike Transnistrian coins. The Mint of Poland in Warsaw was selected. Coins dated 2000 were struck in Warsaw and transported via Ukraine to Transnistria in trucks belonging to the Transnistrian Republican Bank.
The Moldovan government was not pleased with this situation, since they viewed it as a de facto recognition of Transnistria. In October 2001 Moldovan president Vladimir Voronin addressed the issue with his Polish counterpart.
The Polska Mennica responded to the criticism by stating that because the Transnistrian ruble is not internationally recognized as a currency, they were producing tokens and not coins, which is normal business for mints.
The conflict came to a height when in December 2004 Ukrainian customs confiscated a truck with US$117,000 worth of Transnistrian coins near Lviv. The coins were handed over to Moldovan authorities, who in response again protested with the Polish government.
The Polish Ministry of Foreign Affairs en state property wrote another letter to Polska Mennica in April 2005. They warned that continued production of Transnistrian coins would endanger relations with Ukraine and Moldova and damage the image of Poland abroad. The Polska Mennica bowed to the pressure and cancelled its contract with Transnistria that same month.
For Transnistria there was then no other solution but to strike future coins themselves. Thus, on 18 November 2005 the Tiraspol Mint was opened in the presence of President Igor Smirnov.

Banknotes

Notes are issued by the Transnistrian Republican Bank in 2000 as part of a currency reform, with 1 ruble equal to 1 million of the old rubles. The notes come in denominations of 1-, 5-, 10-, 25-, 50-, 100-, 200 and 500 rubles.

2000 Series

2007 Series

In 2007 a new series replaced the above banknotes of denominations 1 to 100 rubles. The new notes have the same themes but a new design and improved security features.

Exchange rates

The currency is de facto pegged to the United States dollar. The central bank determines each work day whether it is appropriate to devalue the currency against the U.S. dollar.
As of 20th of March 2019
On 11 February 2009 the exchange rate was set to 9 rubles per dollar. It was changed to 9.40 rubles on 5 March 2010, 9.80 on 24 September 2010, and 10.20 on 14 December 2010. By 2013, the value of the ruble had dropped to 11.10 rubles per dollar. This was further changed to 11.30 per dollar on 16 March 2016. On 17 June 2017, the currency was devalued to 15 rubles per dollar. It was set to 16 per dollar on 12 January 2018. The most recent change was made on 5 April 2018, when it was set to 16.10 rubles per dollar.

Acceptance outside Transnistria

The Transnistrian Ruble is generally not accepted as currency outside of Transnistria, though some bus companies with connections to Tiraspol accept Transnistrian rubles at the Chișinău bus station as well as local shops in Varnița.