Dushanbe. 2 September. “Asia Plus” — Russia and the countries of the EAEU Customs and Tajikistan continue to strengthen integration ties. Russian President Vladimir Putin submitted to the State Duma a bill that would ratify an agreement on creation of a single financial market between Russia and the five countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.
According to Kommersant, foreign exchange transactions between the agreements parties will be accomplished without an intermediate conversion into dollars or Euros.
The agreement was signed by six countries – Belarus, Russia, Kazakhstan, Armenia, Kyrgyzstan and Tajikistan – on the CIS summit in December 2012 in Ashgabat.
The document is prepared for the implementation of the plan (approved in November 2009) of the CIS joint measures on overcoming consequences of the global financial and economic crisis in 2009-2010.
As it has been noted in the government custody, “at the present stage of development of integration cooperation of CIS member states is fundamentally important to the formation of a common financial market, which will strengthen trade and economic cooperation of the Commonwealth.”
Mr. Putin said earlier that the practical implementation of the agreement “will help the banks of our countries to effectively build their work and will strengthen macroeconomic stability in the region.”
In the countries, participating in the agreement, will be possible to exchange national currencies directly without intermediate conversion them for dollars or Euros.
What will be the cost-effective, because there will be no loss of funds due to the difference in exchange rates. In addition, the participants of the financial system will have the freedom of choose of payment currency.
As it was stated in the explanatory memorandum, the ratification of the agreement will expand the use of national currencies in payments in foreign trade and thus create opportunities to increase market liquidity of national currencies.
Furthermore, in the future will appear preconditions to implement monetary policies between the countries.
The bill complies with the provisions of the agreement on the Eurasian Economic Union. Countries that have not signed the document (Azerbaijan, Moldova, Turkmenistan, Ukraine and Uzbekistan) may accede to it on the basis of economic feasibility.
