Friday, October 16 2015 16:23
Alexandr Avanesov

Putin calls for switching more actively to sub-national currencies in mutual settlements in CIS

Putin calls for switching more actively to sub-national currencies in mutual settlements in CIS

ArmInfo. Russian President Vladimir Putin has called for switching more actively to sub-national currencies in mutual settlements in CIS (Commonwealth of Independent States) countries, TASS reports.

"We should switch more actively to sub-national currencies in mutual settlements," Putin told a session of the Council of CIS Heads of State in the extended format.

The Russian president reminded about the agreement on free-trade zone in CIS signed in 2011. "We should use its potential to the fullest and maximally simplify conditions for movement of goods and investment flows," Putin said.

He noted that aggregate GDP of CIS countries decreased in the first quarter of 2015 as well as investment in capital stock. "Trade turnover between our countries has also decreased. In this situation, it is important to think about the package of measures on lowering dependence of national economics from foreign markets and think about reviving business ties inside the Commonwealth," he added.

Putin noted that Russia is finishing the ratification of the Agreement on CIS integrated currency market. The document was signed in Ashgabat in December 2012 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. "The enforcement of the document will allow us to conduct coordinated currency policy, and in the future maybe even form CIS common financial market," the Russian president said.  On August 31, Vladimir Putin submitted a draft Federal Law on Ratification of the Agreement on Cooperation in Organising an Integrated Currency Market in the CIS for consideration of the State Duma. The Russian President's website reports that the agreement contemplates direct access by the parties' resident banks to each other's domestic foreign exchange currency markets to conduct interbank FX transactions on terms more favourable than those offered to domestic commercial banks. This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets.

AmRating Armenian Rating Agency analysts say that the single currency for the countries of the EEU may be introduced not earlier than in 2020. They think introduction of the single currency conditionally called altyn will become possible only after successful integration of the EEU counties and under compulsory condition of full liquidation of the so-called waivers.  The EEU countries are seriously concerned over the big countries' measures to protect the internal market through numerous waivers from the customs regime as well as over existence of numerous technical regulations impeding development of the common market. In addition, before creating a common monetary market, it is necessary to take measures to unify the taxation and monetary policies and bring the countries to a similar macroeconomic environment. 

POST A COMMENT
Input digits     


News
Converse Bank customer wins Visa campaignConverse Bank customer wins Visa campaign
Armenia`s economy recovered quickly after `September shock` - Vahan  KerobyanArmenia`s economy recovered quickly after `September shock` - Vahan  Kerobyan
AraratBank launches Google Pay for its card usersAraratBank launches Google Pay for its card users
Goods imported to Armenia to be liable to excise taxGoods imported to Armenia to be liable to excise tax
Armenia`s national debt in terms of figures not essential - Armenia`s  premier Armenia`s national debt in terms of figures not essential - Armenia`s  premier 
French Development Agency to open permanent office in YerevanFrench Development Agency to open permanent office in Yerevan
Proposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran JrbashyanProposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran Jrbashyan
IDBank  “MalatiaIDBank  “Malatia" branch now more comfortable and modern
Largest mining company in Armenia presents its first ESG reportLargest mining company in Armenia presents its first ESG report
It is already possible to make payments with IDBank cards via Apple PayIt is already possible to make payments with IDBank cards via Apple Pay
 Converse Bank announces the launch of the  new coupon bonds placement Converse Bank announces the launch of the  new coupon bonds placement
Vine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 yearsVine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 years
Armenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmenArmenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmen
Iranian Minister of Energy announces launch of project for  synchronization of electricity between   Iran, Azerbaijan, Armenia and RussiaIranian Minister of Energy announces launch of project for  synchronization of electricity between  Iran, Azerbaijan, Armenia and Russia
Armenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz FanyanArmenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz Fanyan
Yerevan, Tehran continue to expand economic relationsYerevan, Tehran continue to expand economic relations
Success of the family business based in Tavush: from a home to a guest house and a small winerySuccess of the family business based in Tavush: from a home to a guest house and a small winery
Armenia becomes popular destination for BelarusiansArmenia becomes popular destination for Belarusians
Satlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce itSatlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce it
Robert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the yearRobert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the year
Armenia starts construction of its first satelliteArmenia starts construction of its first satellite
Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )
Significant progress has been made on the issue of launching the  ferry crossing Poti - Port Kavkaz - Deputy MinisterSignificant progress has been made on the issue of launching the  ferry crossing Poti - Port Kavkaz - Deputy Minister
Armenia sings two loan agreements with AFD, ADBArmenia sings two loan agreements with AFD, ADB
Multifunctional cultural production cluster to open in DilijanMultifunctional cultural production cluster to open in Dilijan
Vice-President of Interstate Bank: After the developments at the  beginning of 2022, the turnover in the national currencies in the  correspondent banks of the Interstate Bank has increased  significantlyVice-President of Interstate Bank: After the developments at the  beginning of 2022, the turnover in the national currencies in the  correspondent banks of the Interstate Bank has increased  significantly
On November 22, Converse Bank to sell AMD, USD bonds worth AMD 3  billion, USD 10 million On November 22, Converse Bank to sell AMD, USD bonds worth AMD 3  billion, USD 10 million 
Armenia`s economy is unhealthy: Economist offers ways to solve  existing problemsArmenia`s economy is unhealthy: Economist offers ways to solve  existing problems
Google pay and Google wallet available in ArmeniaGoogle pay and Google wallet available in Armenia
Europrotocol is losing its popularity in Armenia due drop in  confidence in insurers; Market is getting adventurousEuroprotocol is losing its popularity in Armenia due drop in  confidence in insurers; Market is getting adventurous
If the potential for electricity export to Iran is activated, it will  affect domestic tariffs - Mher GrigoryanIf the potential for electricity export to Iran is activated, it will  affect domestic tariffs - Mher Grigoryan
Armenia`s defense expenditures in 2023, compared to 2018, will  increase by 113%: Pashinyan announces transition to professional armyArmenia`s defense expenditures in 2023, compared to 2018, will  increase by 113%: Pashinyan announces transition to professional army
Armenia increased export deliveries 2.2-fold in OctoberArmenia increased export deliveries 2.2-fold in October
No alternative to Armenia`s accelerated economic development -  minister No alternative to Armenia`s accelerated economic development -  minister 
Telecom Armenia team restore ed Internet access issues by launching  backup channelTelecom Armenia team restore ed Internet access issues by launching  backup channel
Ameriabank Launches Google Pay and Google Wallet Support for Card Users in ArmeniaAmeriabank Launches Google Pay and Google Wallet Support for Card Users in Armenia
Team Telecom Armenia warns of problems with Internet accessTeam Telecom Armenia warns of problems with Internet access
The state debt of Armenia has exceeded the psychological threshold of  $10 billionThe state debt of Armenia has exceeded the psychological threshold of  $10 billion
Ardshinbank showcases the Google Pay for Android fans in ArmeniaArdshinbank showcases the Google Pay for Android fans in Armenia
Google Pay is a new contactless payment option for Converse Bank customersGoogle Pay is a new contactless payment option for Converse Bank customers
Google Pay™ is available for Acba bank customersGoogle Pay™ is available for Acba bank customers
Armenia`s economy suffering losses due to lack of universal basic  skills - experts Armenia`s economy suffering losses due to lack of universal basic  skills - experts 
Share of non-cash transactions in plastic card transaction near 40% Share of non-cash transactions in plastic card transaction near 40% 
Discussions on concept of comprehensive health insurance held in  Armenia with participation of WB representativesDiscussions on concept of comprehensive health insurance held in  Armenia with participation of WB representatives
Construction of Kapan-Chakaten bypass road in Syunik region of  Armenia has been completedConstruction of Kapan-Chakaten bypass road in Syunik region of  Armenia has been completed
Number of virtual vPOS terminals is approaching 4 thousand in  Armenia, continuing double-digit growth trendNumber of virtual vPOS terminals is approaching 4 thousand in  Armenia, continuing double-digit growth trend
Pashinyan promises Pashinyan promises "geometric growth" of economy, in case of  implementation of  peace agenda
Armenia closely cooperates with its Iranian partners - PashinyanArmenia closely cooperates with its Iranian partners - Pashinyan
 Plastic cards` number exceeds 3 million in Armenia Plastic cards` number exceeds 3 million in Armenia
UNIDO launches quality infrastructure development program in ArmeniaUNIDO launches quality infrastructure development program in Armenia
Project to build new atomic power unit discussed in ArmeniaProject to build new atomic power unit discussed in Armenia
AMD 4,827,643 to the Homeland Defender’s rehabilitation center: The November beneficiary of AMD 4,827,643 to the Homeland Defender’s rehabilitation center: The November beneficiary of "The Power of One Dram" is the "Aren Mehrabyan" Foundation
Iranian minister: Iran`s trade with Armenia will triple after the  country joins the EAEUIranian minister: Iran`s trade with Armenia will triple after the  country joins the EAEU
Vardan Aramyan: The Armenian economy is overheated. Quick and  unpopular cooling solutions neededVardan Aramyan: The Armenian economy is overheated. Quick and  unpopular cooling solutions needed
Armenia`s CB to use all monetary instruments to reach the inflation target - chairmanArmenia`s CB to use all monetary instruments to reach the inflation target - chairman
Armenia continues road improvement and rehabilitation projectArmenia continues road improvement and rehabilitation project
Global catastrophe is approaching: Head of Mantashyants Entrepreneurs  Union  on  Global catastrophe is approaching: Head of Mantashyants Entrepreneurs  Union  on  "side effects" of growth due to re-exports and Russian  immigrants
Joint initiative of GITC and HSBC Armenia aims to expand youth  employment opportunities through capacity buildingJoint initiative of GITC and HSBC Armenia aims to expand youth  employment opportunities through capacity building
Expert: Armenia has every chance of becoming one of transit hubs for  sale of products of Russian manufacturers and supply of necessary  products for RFExpert: Armenia has every chance of becoming one of transit hubs for  sale of products of Russian manufacturers and supply of necessary  products for RF
Why have large infrastructure projects stalled?  Expert`s opinionWhy have large infrastructure projects stalled?  Expert`s opinion
Read more


Exchange rates
25.11.2022
RUB6.53-0.02
USD395.05-0.24
EUR411.29-0.05
GBP478.17-0.53
CAD296.07-0.23
JPY28.35-0.26
CNY55.38-0.14
CHF418.62-0.61