DUSHANBE, November 21, 2008, Asia-Plus — Creating a ruble zone within the CIS area and making Russian ruble an accounting currency for the CIS is an objective move, however, there are a number of subjective obstacles in the way of realization of this idea, Mirzosharif Islomiddinov, Chairman of the Majlisi Namoyandgon (Tajikistan’s lower chamber of parliament) Committee on Energy, Industry, and Construction, said in an interview with Asia-Plus, commenting on reports released by some Russian media about the possibility of restoration of the ruble zone within the post-Soviet area.
According to him, it is possible and necessary to create the ruble zone but it is not as easy as it would seem.
One of the main obstacles in the way of creation of the ruble zone is different levels of the economies of the CIS states. “Countries with more developed economies, first of all, Russia, should promote removal of this obstacle,” MP said.
Besides, financial institutions of the CIS countries should agree and determine possible ways to create the ruble zone. “There is no yet any specific plan for implementation of this project,” Islomiddinov stressed.
A number of factors are needed for creation of a common currency in image and likeness of Euro, MP noted. “First of all, there should be political will of leaders of the countries with more powerful economies. Then economists should come in. A serious preparatory work should be carried out in order to foresee the results of introduction of the common currency,” Islomiddinov said, noting that creation of the ruble zone would have a positive impact on the economic poor countries such as Tajikistan.
