SINGLE EEU CURRENCY NOT BINDING TO MEMBER STATES – SULEIMENOV

YEREVAN, April 3. /ARKA/. Introduction of a single currency within
the Eurasian Economic Union (EEU) is not binding, and any member state
will make a decision independently, member of the board on economy and
financial policy of the Eurasian Economic Commission Timur Suleimenov
told reporters in Yerevan on Friday.

In practical terms, introduction of a common currency is not realistic
in the next five years, Suleimenov said.

Even if the decision is made, five years are not sufficient to build
a monetary union, he said.

The member of the board said no decision on single currency has been
made yet, and the issue has been just discussed by the presidents. In
particular, the president said Russia will consider the possibility
of creating a monetary union in future, according to Suleimenov.

A group of the Russian central bank experts is currently looking into
the possibility and will submit the respective proposal to Putin,
after having considered all pros and cons, Suleimenov said. Then
the Russian president may bring it up at a meeting with the other
presidents, he said.

Suleimanov said all decisions at the EEU Supreme Council are made
through a consensus, and each country decides on its own whether it
is ready to take the step or not.

On March 10, Putin 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.” -0–

From: Emil Lazarian | Ararat NewsPress