ArmInfo. The Eurasian Development Bank (EDB) is ready to provide the entire necessary infrastructure and become a system-forming structure for settlements in national currencies in mutual trade of the EAEU countries. EDB Deputy Chairman of the Board Andrei Krainy said in response to the proposal made by Prime Minister Nikol Pashinyan yesterday to use the capabilities of the EDB for calculating mutual trade in national currencies.
As EDB Deputy Chairman of the Board noted, since 2018, the EDB has been implementing a project to create its own settlement and clearing system in national currencies, which allows cross-border payments using national payment systems in national formats for transmitting financial messages. Since 2019, in order to develop and integrate financial markets, the focus has been on financial institutions. The concept of a "bank for banks" is being implemented, under which the EDB acts as a "hub" for banks and representatives of the infrastructure of the EAEU member states. The EDB settlement and clearing system is in demand and works, ensuring the interconnection between the national payment systems of the EAEU countries and providing banks with the opportunity to transfer customers' money to other EAEU countries faster and cheaper, while converting national currencies. The number of banks using the system is constantly growing. Andrei Krainy also said that today 176 LORO accounts have been opened for 53 financial institutions of all 6 EDB countries (including Russia - 23 banks, Belarus - 7, Kazakhstan - 6, Kyrgyzstan - 8, Armenia - 6 and Tajikistan - 3). 159 accounts have been opened for 62 clients - legal entities (including Russia - 22 clients, Kazakhstan - 39 clients, Tajikistan - 1 client) and one international financial institution. The Bank's settlement and clearing system includes the largest financial institutions of Belarus, Kyrgyzstan, Armenia, Russia and financial institutions of other EDB member countries. Within the framework of the EDB settlement and clearing system, participating banks form an increasing steady flow of payments in national currencies in the EAEU space.
The bulk of payments under the EDB system are made: from Armenia to Russia, from Belarus to Kazakhstan, from Kyrgyzstan to Kazakhstan, from Russia to Kazakhstan, from Kazakhstan to Russia, from Tajikistan to Kazakhstan, from Tajikistan to Russia. The Russian ruble and tenge remain the most popular currencies for settlement according to the Bank's statistics. The geography of payments passing through the EDB infrastructure covers all member countries of the Bank. The EDB has all the necessary infrastructure to convert national currencies on favorable terms, has the status of a market maker for the tenge-ruble currency pair on the Kazakhstan Stock Exchange and ruble-tenge currency exchange on the Moscow Exchange, the Russian ruble-Belarusian ruble on the Belarusian Exchange, is a member of the Armenian Exchange and has access to the interbank foreign exchange market of Kyrgyzstan and Tajikistan. The existing EDB platform without significant changes and costs can be used for any cross-border, including interstate, settlements - settlements on distributed import customs duties, transfer of pension payments within the EAEU, etc.
