20 Rubles (G.M. Grechko) – Transnistria

In 2021, the currency situation in the unrecognized Pridnestrovian Moldavian Republic (Transnistria) remained complex and defined by its geopolitical isolation. The region continued to operate with a multi-currency system, primarily reliant on the Transnistrian ruble (PRB), a non-convertible currency used for all domestic transactions, salaries, and local payments. However, due to a lack of international recognition and subsequent exclusion from global financial systems, the Transnistrian ruble existed only in physical cash form and its value was entirely managed by the local central bank, without the backing of substantial foreign reserves.

Alongside the local ruble, foreign currencies—especially the Russian ruble, US dollar, and euro—circulated widely and were essential for external trade and savings. The population and businesses heavily depended on these currencies for purchasing imported goods and for any financial interactions beyond the region's borders. This created a two-tier economy: a domestic sphere using the local currency and an external sphere requiring hard currency. Notably, Russia's financial support, including direct budgetary aid and subsidized natural gas, remained a critical lifeline, indirectly propping up the local currency's stability and the region's overall economic functionality.

The year did not see major shifts in this entrenched system, but underlying pressures persisted. Inflation was a constant concern, influenced by both local monetary policy and the economic health of its main patron, Russia. Furthermore, Moldova's ongoing efforts to align its own regulations with the European Union, including potential measures to curb Transnistria's economic autonomy, presented a long-term challenge to the region's financial status quo. Thus, the 2021 currency landscape reflected Transnistria's enduring paradox: a functionally separate monetary system that remained fragile and externally dependent.