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Eurasian Economic Union official dismisses common currency plan

Eurasian Economic Union official dismisses common currency plan

February 8
A senior member of the Eurasian Economic Commission’s board on Monday, February 8 ruled out plans for adopting a common currency, citing economic reasons as a serious impediment, Tert.am reports. Tatyana Valovaya, Member of the Board - Minister in Charge of the Development of Integration and Macroeconomics of the Eurasian Economic Commission, said that such a switchover, if approved, would lead to negative economic consequences at the current stage. Instead, the official stressed the need of deepening macro-economic cooperation which she said could be possible in case of using national currencies in trade turnover among the member states of the Eurasian Economic Union (EEU). Asked about the timeframes of employing the system and Armenia’s chances to make the payments for natural gas in the Russian ruble (which has been repeatedly proposed), Valovaya said that all the member states of the bloc can make any payment in their national currencies provided they establish the necessary economic grounds. “To make payments in the national currency possible we need to establish economic grounds. That doesn’t mean we are willing to ban any side from trading with a third country and making the payment in the respective currency. What we want is to facilitate the interstate calculations for the member states,” she noted. Valovaya said she is aware that the Armenian partners are now actively working towards implementing the idea. “With the emerging need of currency conversion from U.S. dollar to ruble and the Armenian dram to dollar, the process becomes long-drawn-out. So we are now actively considering possible tools to make the transfers in national currencies possible,” she said, adding that the plan is likely to be realized in the nearest future.
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