This publication is intended to help Russians who are visiting for the first time with tourism or business goals in an independent state of Abkhazia, and is fully devoted to the financial sector of this country. The article explains what currency is in Abkhazia, as well as gives practical advice that will help Russian citizens plan their trip more carefully and answer some questions that arose while traveling to this republic.
National currency
Most Russians do not think about which currency is used in this area, correctly assuming that the ruble of the Russian Federation is used as a means of payment in this state, which is not recognized by most countries. Until 2008, Abkhazia officially used the Russian ruble as a settlement and payment unit. Since 2008, its own national currency, the Abkhaz Apsar, was introduced.
But it should be borne in mind that the local currency has circulation only on the territory of the republic. Abkhazian apsar is divided into 100 kopecks. After the acquisition of independence by Abkhazia, the generally accepted legal tender was and remains the Russian ruble. The National Bank of the Republic of Abkhazia pegged the national currency of Abkhazia to the ruble (10 Abkhaz apsars are equal to one Russian ruble). Thus, the local currency of Abkhazia is exactly ten times less than the Russian ruble, and the rate of apsara is completely dependent on the currency policy of the Russian Federation.
Currency exchange
There is no need to change the currency in the republic, since almost everywhere you can pay with the rubles of the Russian Federation, and thus, having rubles in your pocket, a Russian citizen can not worry about paying.
What currency is still accepted in Abkhazia? Individual institutions and individuals will be happy to take the currency of the EU and the USA, but at a rate that is not entirely favorable for the client.
And if there is a need to make payments using the national currency of Abkhazia, we recommend exchanging for local money at the offices of Abkhaz credit institutions. It is possible in the most common bank - Sberbank of Abkhazia.
And other exchange points, usually almost not associated with licensed banks, should be ignored. In such places, in addition to a disadvantageous exchange rate, you can encounter fraud and counterfeit banknotes.
Bank branches in the republic open at nine in the morning, and close at five in the evening. On weekends, most banks do not work or only function on Saturday in short business hours (open at ten in the morning and close no later than four in the afternoon).
Banking sector
National banking system formed in 1991, after the parliament of the republic developed the legislative framework for the functioning of the national banking system. Over the year, the financial sector of the state grew and grew so strong that by the end of the summer of next year it was considered sufficiently developed and diverse. But during this period, the active stage of hostilities began there, only the regulator survived as a result, on the basis of which the National Bank of the Republic of Abkhazia was created four years later.
The country's main bank is located in a low-rise building of Stalinist architecture, built for the Russian Drama Theater in 1935. The building itself was slightly damaged during the war, but was quickly restored.
Commercial banks
Currently, the republic has a standard two-tier banking system. In addition to the regulator, there are about 15 commercial universal banks providing services to the population and legal entities.
Local banks have not much better working hours than other resorts in the world: they open at nine in the morning and close at five in the evening on weekdays. And on weekends they usually do not work or open for half a day only on Saturday.
Almost all credit institutions are located in Sukhum or in the most beautiful pearl of the coast - the city of Gagra. Also, in most cities of the republic, several branches of banks (mainly Sberbank) are opened, operating in the traditional mode.
The only bank working on weekdays from 9 to 23 is Sukhum Bank. The main office of the bank is located at the following address: Sukhumi city, Leon avenue, 31 a. Contact phone: + (7 840) 226 1281. Another Sukhum-Bank office is located on 166 Eshba Street, in the territory of the Sukhum Market shopping complex. But the bank does not work on weekends.
Sberbank has the most developed branch network; the total number of branches at present is about thirty.
Money transfers
Also, all Abkhazian banks, at the request of the client, have the opportunity to make money transfers both in rubles and in foreign currency. Due to the unregulated legal status of the republic, international systems such as Western Union are not able to work in this state. However, Russian translation systems and internal systems oriented to the CIS (“Contact”, “Anelik”, “Instant”, “Golden Crown”, etc.) are actively used by most banks.
The level of the commission is higher than Russian peers - from 2 percent in rubles to 3 percent in hard currency. There are certain restrictions: the largest allowed transaction size is currently 50 thousand rubles. Currently, among the recipients of transfers for whom Abkhazia has become home, the local currency is popular. Although it is possible to receive in rubles.
Shopping
There are no large shopping centers in the country. All products can be purchased at small outlets. Usually the price is fixed, although in the bazaars there is an opportunity to reduce it. Like most eastern merchants, Abkhazians like to talk with the buyer and bargain.
As such, there are no periods of seasonal discounts, however, Western fashion comes here, so from time to time you can see discounts in small stores.
Given the value of the currency of Abkhazia, the exchange rate to the ruble is easy to remember (10: 1) and easy to recalculate by comparing Russian and Abkhaz prices.
Plastic cards
Plastic (debit and credit) cards are practically never accepted in this country due to the unregulated legal status of the republic, so it is better to take the necessary amount of cash with you on a trip. Cash withdrawals can be difficult, as there are very few ATMs in this subtropical country.
Most of these devices are located in the cities of Gagra and Sukhum, but they are also not always in a hurry to upload money to an ATM, so Russian tourists sometimes have to return for money to Adler.
As much as possible you can withdraw only three thousand rubles or the equivalent in another currency. A large amount can be obtained in cash through employees in branches of commercial banks, paying an additional commission.
The list of banks serving the cards is not so large. You can call “Black Sea Development Bank”, “Gagra Bank”, “Kibit Bank”, “Guarantor Bank”, “Universal”, “Sukhum Bank”.
What is not very convenient for Abkhazia? The local currency is most often issued by ATMs, and in most cases Russian tourists do not need it. You also need to be careful when obtaining funds, because due to the exotic nature of the service for the local population, each ATM client becomes a potential source of quick profit. Given the huge amount of weapons in the local population and high unemployment, it is not recommended to make any financial transactions outside major tourist destinations.
Tip
Compensation for staff in this country is not as widespread as in other tourist states.In most cafes and restaurants of the republic there is no need to think about tips, since they usually increase by a tenth each bill under the column, since an additional “service fee” is charged. In other cases, the amount of remuneration to service personnel remains at the discretion of the client.
As for hotel rewards, this is also not necessary, although in case of excellent service you can leave a small amount in rubles or the equivalent, for which the currency of Abkhazia is already used.
