Baku, Azerbaijan, Apr.15
By Elena Kosolapova - Trend:
Kazakhstan can refuse to use the dollar in trade with its closest partners, Eduard Poletaev, Kazakh expert and political analyst, editor-in-chief of the 'World of Eurasia' information and analytical magazine told Trend April 15.
"It is quite possible to transfer a part of the agreements and a part of the contracts to national currencies within the bilateral relations or within the Eurasian Union," said the expert.
Poletaev said that it is also possible to switch to payments in national currency with the countries that have regional strong currencies, for instance, China or Turkey.
The expert reminded that the National Bank of Kazakhstan has already adopted the de-dollarization plan. He added that de-dollarization is not only an economic, but also a political tool - the attempt of the countries that are on the verge of the global economic life, such as BRICS or post-Soviet states to actively participate in the global economy.
However, the expert noted that de-dollarization would require a long time to implement. First, many agreements are considered for the long term. Moreover, some exchange rate fluctuations such as the exchange rate of ruble do not encourage everyone's confidence in such a currency.
"The global market is accustomed to the fact that contracts are signed in dollars or euros," said Poletaev. "The transition to national currencies is possible at the local, regional level."
But in general, the impact of dollar is not disputed by the economists for the present, nobody says that it will drop soon, according to the expert.
At the same time, the expert doesn't believe that some kind of a single currency will emerge in Central Asia, Eurasian Union in the near future.
He reminded that the idea of introducing a single currency has been put forward within the Eurasian Economic Union, however, this causes a certain rejection and counteraction among some experts and business representatives in Kazakhstan.
"This is perceived as the infringement of the economic independence," said Poletaev.
Creating of a single currency of Turkic countries is even less likely, since it has no economic sense. The expert reminded that the bilateral trade turnover is not so high even among the Turkic states of the Central Asian region. Their main trade partners are the external players - Russia, China and EU.
In general, Turkic states have no a basis to create a single currency, since they have no a single economic union, common agreements, a single market, free movement of goods, workforce that has long existed in the European Union and has recently been introduced in the Eurasian Economic Union.
"It will be absolutely unreasonable to introduce a single currency, since there is no such a basis," said Poletaev. "The Eurasian Union has such a basis, however, anyway, it is planned to create a single currency market in 2025."
Edited by CN
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