The newly-proclaimed Republic of Crimea is scheduled to start using Russian rouble as its official currency from March 24, according to the republic's parliament speaker.

Vladimir Konstantinov, who was in Moscow signing the reunification treaty with Russian President Vladimir Putin, Crimean Prime Minister Sergey Aksenov and Sevastopol Mayor Aleksei Chaliy, told the press that "The rouble is already here. All transactions will be carried out in roubles from Monday (March 24). Payments, pensions and salaries will be paid in roubles".

The peninsula of Crimea is also switching to Moscow time. The scheduled time switch is March 30.

The Ukrainian hryvnia will keep on circulating till Jan. 1 of 2016 for the transition.

Crimea, however, will keep the existing Ukrainian budget and tax codes until Crimea has formulated its own regulations regarding these matters. Endite