Russian Central Bank Chairman Against CIS Single Currency

MOSCOW (Armenpress)–Wrapping up his visit to Armenia last Saturday–the chairman of Russia’s Central Bank Victor Geraschenko said that he discussed a wide range of issues–pertaining to Armenian-Russian collaboration in banking–economic and financial areas.

With regard to introduction of a single currency for the CIS–first voiced by Kazakhstan’s president Nazarbayev–Geraschenko said the CIS economies were not ready for a single currency and the idea is not popular among most CIS countries–including Armenia.

"The Russian ruble can perform the role of CIS single currency only after it becomes fully convertible in the international financial markets," he said.

Geraschenko said the Russian Central Bank was willing to further expand cooperation with Armenian Central Bank and exchange valuable and profitable experiences with each other.

Geraschenko stressed the need to elaborate the mechanism that make the transfer of money between the two countries more efficient. Tigran Sarkisian–Chairman of Armenia’s Central Bank–said his Russian counterparts helped find several Armenian money launders.

Geraschenko was in Armenia at the invitation of his Armenian counterpart Tigran Sarkisian.

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