Single Currency Proposed for EEU States; Russia Wants Ruble

The Eurasian Development Bank
The Eurasian Development Bank

The Eurasian Development Bank

MOSCOW—The Eurasian Development Bank has proposed the central banks of the Eurasian Economic Union member countries to create a single currency, saying it would facilitate a mutual accounting system. Russia has proposed its ruble to become the said monetary unit, according to a report by Vestifinance.ru.

“There are some instruments designed for long-term use, which we propose to be discussed by monetary regulators,” said Evgeny Vinokurov, Director of the Center for Integration Studies at the Eurasian Development Bank.     

He said that a regional monetary unit was needed for servicing trade flows and could become a method of payment for the development of the so-called Silk Road, a project seeking to redevelop and revitalize the ancient trade route traversing from Asia to Europe.

Tigran Davtyan, the financial policy director of the Eurasian Economic Commission, said that in the future, the introduction of a single Eurasian monetary calculation unit would contribute to the increase of the share of national currencies in trade among citizens of member countries and to a more effective management of monetary risks, as well as to the lowering of transaction expenses in mutual payments.

The central banks of the Eurasian Economic Union member countries are ready to consider the proposal, a source close to the Eurasian Economic Commission says.

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3 Comments

  1. State of Emergency said:

    We’re witnessing the resurrection of the new and improved USSR. Of course the monetary unit will have to be the Ruble as well as Russian for the lingua franca. Future announcements will include a joint strike force commanded by Russian generals and later a full standing EEU army. A unified parliament, open boarders and a single passport will finally crown the Resurrection.

  2. joe said:

    Not a good idea. The issue is that Armenia and these other country’s, other then Russia, don’t really have much in common. There is some trade but nothing of substance. During the 4 day war, not one came to Armenia’s aid and wont anytime in the future. The only reason Armenia participates is to appease Russia. The real question is how much of a leash does Armenia have to say no?

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