ArmInfo. One should not expect any changes in the mutual settlements among the Eurasia Economic Union member states, Director General of the Financial and Banking Association of the EurAsian Cooperation Oleg Berezovoy told ArmInfo.
"During the meeting on April 18, we discussed financial and economic interaction. No changes were introduced. The mutual settlements within the EEU are made on basis of bilateral arrangement - in terms of USD or EUR. This is a big problem for the economies," he said, pointing at the dollarization growth in each of the countries.
For his part, Marat Baykotov, Head of the Executive Committee of the Association of Banks of Kazakhstan, told ArmInfo that at the moment the Eurasian Economic Commission is taking measures to facilitate the mutual settlements among the EEU member states. "It is early to speak of a single currency. There are still several problems, including those related to assessment of the financial system itself and harmonization of the states' legislations. But I think there will be no obstacle for introduction of a single currency in the EEU by 2025", he said.
Armenia became a full member of the EEU on Jan 2, 2015. The aggregate volume of economy of the EAEU member states is more than $2 trillion and the total industrial output of the three countries amounts to $1.5 trillion. The prospect of the integration effect in terms of the aggregate GDP growth may total about $900 billion by 2030. The Treaty on the Eurasian Economic Union takes into account the principles of sovereign equality of the parties and their territorial integrity, as well as the national interests of the EAEU member states. The Treaty implies freedom of movement of commodities, services, capital and workforce, implementation of coordinated or single policy in economic sectors stipulated by the given Treaty and international agreements within the EEU. On 1 Jan 2016, Kazakhstan assumed Chairmanship of Eurasian Economic Union. President of Kazakhstan became the head of the Supreme Eurasian Economic Council. On 1 Feb 2016, Tigran Sargsyan, ex-prime minister of Armenia, became the chairman of the Eurasian Economic Commission Board.