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ARMENIA SAYS NO PLANS YET TO SWITCH TO SINGLE EEU CURRENCY -AZATUTYUN.AM
19:03 | March 11,2015 | Politics
Armenia has no plans nor has conducted any negotiations on a single
Eurasian Economic Union (EEU) currency, a Central Bank official told
RFE/RL's Armenian Service (Azatutyun.am) on Wednesday, reacting to
Russian President Vladimir Putin's statement on the possibility of
a monetary union.
On March 10, Putin reportedly ordered the Central Bank of Russia and
the Russian Government to work in conjunction with the national banks
of the EEU member states to determine by September 1 "the further
directions of integration in the currency and financial spheres". He
also said that "the feasibility of establishing a monetary union
within the framework of the EEU in the long term should be considered."
The EEU was founded and launched by Russia, Belarus and Kazakhstan
on January 1. Armenia joined the post-Soviet economic grouping on
January 2.
"There is no document among those signed [by Armenia] within
the framework of its accession to the EEU that would concern the
feasibility study or prospects related to this matter," Armenian
Central Bank Board member Armenak Darbinian told Azatutyun.am.
"At this moment there are no such plans and there are no such
discussions at the Central Bank," he added.
Still last April the Russian newspaper "Moskovsky Komsomolets"
wrote, citing its sources in the Eurasian Economic Commission, that
the EEU will have its single currency and that it will be called
"altyn". The publication claimed that unofficially the tentative
name of the currency had been approved by the leaders in Russia,
Kazakhstan and Belarus. Sources also said that there were plans to
create a Eurasian Central Bank with supranational powers that would
be headquartered in Almaty, Kazakhstan.
"There have been no negotiations, no formal discussions in this
direction yet. I would say more: the issue of forming a single
financial market regulator was discussed within the framework of the
EEU and it should happen after 2025. During this time, national laws
and regulations should be harmonized and only then the issue can be
put on the agenda," said Darbinian, expressing the view that it will
take years to ensure that conditions are created for switching to a
single EEU currency.
"It cannot be an administrative decision. This requires relevant
developments in the economy and in the financial markets," the Central
Bank official concluded.
http://en.a1plus.am/1207652.html
From: Baghdasarian
19:03 | March 11,2015 | Politics
Armenia has no plans nor has conducted any negotiations on a single
Eurasian Economic Union (EEU) currency, a Central Bank official told
RFE/RL's Armenian Service (Azatutyun.am) on Wednesday, reacting to
Russian President Vladimir Putin's statement on the possibility of
a monetary union.
On March 10, Putin reportedly ordered the Central Bank of Russia and
the Russian Government to work in conjunction with the national banks
of the EEU member states to determine by September 1 "the further
directions of integration in the currency and financial spheres". He
also said that "the feasibility of establishing a monetary union
within the framework of the EEU in the long term should be considered."
The EEU was founded and launched by Russia, Belarus and Kazakhstan
on January 1. Armenia joined the post-Soviet economic grouping on
January 2.
"There is no document among those signed [by Armenia] within
the framework of its accession to the EEU that would concern the
feasibility study or prospects related to this matter," Armenian
Central Bank Board member Armenak Darbinian told Azatutyun.am.
"At this moment there are no such plans and there are no such
discussions at the Central Bank," he added.
Still last April the Russian newspaper "Moskovsky Komsomolets"
wrote, citing its sources in the Eurasian Economic Commission, that
the EEU will have its single currency and that it will be called
"altyn". The publication claimed that unofficially the tentative
name of the currency had been approved by the leaders in Russia,
Kazakhstan and Belarus. Sources also said that there were plans to
create a Eurasian Central Bank with supranational powers that would
be headquartered in Almaty, Kazakhstan.
"There have been no negotiations, no formal discussions in this
direction yet. I would say more: the issue of forming a single
financial market regulator was discussed within the framework of the
EEU and it should happen after 2025. During this time, national laws
and regulations should be harmonized and only then the issue can be
put on the agenda," said Darbinian, expressing the view that it will
take years to ensure that conditions are created for switching to a
single EEU currency.
"It cannot be an administrative decision. This requires relevant
developments in the economy and in the financial markets," the Central
Bank official concluded.
http://en.a1plus.am/1207652.html
From: Baghdasarian