Issue of single currency in CIS should be accelerated

Business Materials 2 December 2011 14:26 (UTC +04:00)

Azerbaijan, Baku, Dec 2 /Trend N.Ismayilova/

A plan has been created for the CIS to use a unified financial and banking area by 2017, the chairman of the Executive Committee, CIS Executive Secretary Sergei Lebedev said at a press conference held at the Fourth Baku International Banking Conference of CIS member states on Thursday.

"It is a phased process. The first stage involves an increase in payments in national currencies. Subsequent phases should lead to the creation of a single currency, but there is no agreement between the states on the single currency as yet. The euras or the ruble has been proposed," Lebedev said.

Apparently to Mr Lebedev the creation of a customs union and single economic area in the CIS will force the issue.

The President of Kazakhstan Nursultan Nazarbayev proposed introducing euras as a single interstate non-cash settlement payment unit of the Eurasian Economic Community (EEC), during the Second Astana Economic Forum in 2009.

According to Mr Nazarbayev, the currency exchange rate should not depend on fluctuation of world currencies.

"The new monetary system will allow stable long-term infrastructure investments and operating the current transaction without breaking the already existing monetary systems," he said.

Such a currency 'should provide sustainable non-cash rhythmic transactions between states, corporations and individuals within and between the EurAsEC countries' and it should work only in their interests and that of the international community he added.

According to Mr Nazarbayev this electronic unit of account could be called, for example, evras or the eurasia.