Skip to content
Subscriber Only

The Central Bank With No Currency, No Interest Rates, But ATMs

  • Breakaway region in Ukraine tries to build financial system
  • Donetsk People's Republic rebel says Russia keeps it afloat

The Republican Central Bank has a governor, a couple of thousand employees and a glass-and-steel headquarters. It also has a bunker in its basement.

Here’s what the nascent, self-proclaimed Donetsk People’s Republic in eastern Ukraine is missing: a financial system. Absent from the central bankers’ toolkit are a currency and interest rates.