Russian Deputy Prime Minister called not to rush into introducing single currency in EEU


First Deputy Prime Minister Igor Shuvalov said that we should not rush into creating a single currency union within the Eurasian Economic Union (EEU). He gave comments on the introduction of the single currency in the territory of the EEU to the TV channel "Rossiya 24", reports the "Prime-Tass" agency.

"We have recently witnessed ... the national currencies of Belarus, Russia and Kazakhstan devaluating. Now, Armenia and Kyrgyzstan will join us. Can we create the currency union, when the inflation target isn`t achieved, as well as the national currencies aren`t stable yet. There are a lot of controversial issues; mistakes are inadmissible ... we can`t push it forward," said Shuvalov.

He added that the Bank of Russia and other national banks would hold a dialogue on the issue of the currency union, on its pros and cons. When the results come, they will be reported to the leadership of the states. "Now this is the job for experts," he concluded.

Let`s remind that Vladimir Putin has recently instructed the Central Bank and the Government of the Russian Federation to study the feasibility of establishing the currency union in the Eurasian Economic Union, and he raised the issue of the single currency again at the meeting of the heads of the EEU on March 20.

This idea was supported by the Chairman of the Council of the Republic of Belarus Mikhail Myasnikovich. According to him, the creation of the currency union within the EEU should be accelerated. The currency union should start operating in three-four years.

At the same time, the experts interviewed by TUT.BY say that the Russian President will have to try very hard to persuade his EEU partners to introduce the single currency.

Text by TUT.BY

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