Financial Crisis Allows CIS to Shift to Direct Calculations in National Currencies
Azerbaijan, Baku, 24 October/ Trend , corr N. Ismayilova, I. Khalilova/ "The transfer of mutual calculations in CIS space to the national currencies will become possible after economy of he countries strengthen and shift to the innovational path of development," Alatoliy Kazakov, chairman of Coordinating Board of CIS Financial-Banking Council said in Baku.
"First of all, we should change structure of economy and gradually calculations in national currencies will be widely used. The currency which proves to be the strongest from the economic point of view, will be reserve currency across CIS and second currency of CIS," he said.
Russia is already taking measures to build international financial center, to strengthen ruble and its introduction as a reserve currency. At present, 10%-15% of calculations in CIS (approximately over 200bln rubles) are carried out in rubles, Kazakhov added.
Director General of the CIS Financial-Banking Council Nefidov says that first of all calculations on oil and gas sale can be carried out in ruble which Russia plans to introduce as a reserve currency. At present, these calculations are carried in euro and dollar mainly through New York exchange, but it leads to big losses in clearing transactions.
Promoting role of national currencies is one of the key tasks of not only Russia, but also Azerbaijan and Kazakhstan, oil producing countries, according to Nefidov.
Kazakhov do not see any need for introducing artificial currency for the development of direct calculations in national currencies. It is possible only through establishing direct clearing operations.
According to calculations, in couple of years, the share of these operations will go up and new players will enter the market. There will be interest in hedging exchange rate exposure, swap and other spheres.
"The central banks do not need to be engaged in these activities and they should regulate activities of national bank sector. Independent and non-commercial clearing institution should be established that can be created by business banks," he said.