Kazakhstan excludes introduction of single currency in EEU

Photo

The Eurasian Economic Union (EEU) treaty doesn`t provide for the introduction of a single currency, Deputy Minister of National Economy of Kazakhstan Timur Zhaksylykov said that on Wednesday.

"Kazakhstan maintains a clear and consistent position excluding the possibility of introducing a single supranational currency within the EEU. We don`t discuss these issues, they aren`t on the agenda," he said during the briefing in Astana (TASS quotes).

Zhaksylykov noted that "the EEU treaties don`t include provisions to form a currency union, to introduce a single supranational currency, so such work won`t be undertaken." "At the same time, we intend to harmonize the legislation in the field of financial market regulation within the EEU until 2025. As you can see, we say nothing about any monetary or currency union or the prospects of its establishing," said the Deputy Minister of National Economy.

Russia, Belarus and Kazakhstan signed the Eurasian Economic Union Treaty in Astana on May 29, 2014, it entered into force on January 1, 2015. On January 2, Armenia became member of the Union; Kyrgyzstan is expected to join it in May.

It was Russia that proposed introducing a single currency in the Eurasian Economic Union in the future. We remind that recently, Vladimir Putin has instructed the Central Bank and the Government of the Russian Federation to study the feasibility of establishing a currency union in the Eurasian Economic Union, and raised the issue of a single currency once again at the meeting of the EEU heads on March 20.

In the beginning of April, President Alexander Lukashenko said in his interview with Bloomberg that the introduction of a single currency in the Eurasian Economic Union is not the main issue on the agenda; such currency as euro in the EU may appear one day, but the issue has been exaggerated. According to him, "Putin reasoned in the following way: Do you mind if experts talk about it? Well, we`ve been discussing this for a long time, let the experts do that. But there was no issue of introducing a single currency in some period, even in a distant one." "This is the final action that our union can perform. The Eurasian Economic Union faces so many problems and challenges, that it`s unknown if we will ever introduce a single currency," said the Belarusian leader.

Text and pictures by TUT.BY