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EURASIAN ECONOMIC UNION REPORTEDLY SET TO ABANDON DOLLAR, EURO
12:35, 02 Dec 2014
The EEU countries could switch to national currencies in mutual
payments by 2025-2030, the chairman of the board of directors of
Russia's National Payment Council, told the Izvestia newspaper.
Transactions in dollars and euros could be banned within the
member-states of the Eurasian Economic Union (EEU) -- Russia, Belarus,
Kazakhstan and Armenia, the Izvestia newspaper reported on Tuesday.
The EEU countries could switch to national currencies (ruble,
Belarusian ruble, Kazakhstani tenge and Armenian dram) in mutual
payments by 2025-2030, the chairman of the board of directors of
Russia's National Payment Council, Alexander Murychev told the
newspaper.
"It is necessary to raise a question before the national banks of the
member-states on excluding the US dollar and the euro from interstate
payment transactions," said Murychev, detailing a concept for the EEU
development, which was unveiled during a meeting in Kazan on Friday.
Statistics shows that around a half of mutual payment operations
between the EEU member-states account for the US and the euro, thus
increasing the dependence of the trade bloc on the foreign countries'
economies.
The new concept envisages that the EEU member-states should create a
joint payment space allowing carrying out transactions with due regard
to the compatibility of national card systems, including BelCard
(Belarus), Armenian Card (Armenia) and their Russian counterpart,
which is currently under development.
Natalya Burykina, who chairs a committee on financial market of the
State Duma, Russia's lower house of parliament, said the initiative
of switching to the national currencies makes sense as the idea
is to create a single economic space in the framework of the EEU,
according to the report.
http://www.armradio.am/en/2014/12/02/eurasian-economic-union-reportedly-set-to-abandon-dollar-euro/
12:35, 02 Dec 2014
The EEU countries could switch to national currencies in mutual
payments by 2025-2030, the chairman of the board of directors of
Russia's National Payment Council, told the Izvestia newspaper.
Transactions in dollars and euros could be banned within the
member-states of the Eurasian Economic Union (EEU) -- Russia, Belarus,
Kazakhstan and Armenia, the Izvestia newspaper reported on Tuesday.
The EEU countries could switch to national currencies (ruble,
Belarusian ruble, Kazakhstani tenge and Armenian dram) in mutual
payments by 2025-2030, the chairman of the board of directors of
Russia's National Payment Council, Alexander Murychev told the
newspaper.
"It is necessary to raise a question before the national banks of the
member-states on excluding the US dollar and the euro from interstate
payment transactions," said Murychev, detailing a concept for the EEU
development, which was unveiled during a meeting in Kazan on Friday.
Statistics shows that around a half of mutual payment operations
between the EEU member-states account for the US and the euro, thus
increasing the dependence of the trade bloc on the foreign countries'
economies.
The new concept envisages that the EEU member-states should create a
joint payment space allowing carrying out transactions with due regard
to the compatibility of national card systems, including BelCard
(Belarus), Armenian Card (Armenia) and their Russian counterpart,
which is currently under development.
Natalya Burykina, who chairs a committee on financial market of the
State Duma, Russia's lower house of parliament, said the initiative
of switching to the national currencies makes sense as the idea
is to create a single economic space in the framework of the EEU,
according to the report.
http://www.armradio.am/en/2014/12/02/eurasian-economic-union-reportedly-set-to-abandon-dollar-euro/