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Customs Union single currency to appear within decade

May 24 2013, 16:02

Grigori Marchenko, Chairman of National Bank of Kazakhstan Grigori Marchenko, Chairman of National Bank of Kazakhstan

No specific measures are being taken to create a common regional currency within the customs union of Kazakhstan, Russia and Belarus, writes primeminister.kz citing chairman of National Bank Grigori Marchenko as saying.

As Kazakhstan's chief banker said, there is an opportunity to create a regional currency in the borders of Customs Union and Eurasian Economic Space. However, he says, it is a long way to go, not less than 8-10 years.

"It is realistic, but we are still not going that path," Marchenko said.

He also said in order to have common currency the member countries need to develop unified macroeconomic parameters following the European Union's experience.

"We need to align our macroeconomic parameters, then our countries need to observe tham at least for five years, then a supranational bank needs to be created, which will perform functions of the emitter of the supranational currency," the head of NatBank explained.

Given this, he noted that theoretically a common currency in the CU may be introduced within the next ten years.

It took about 50 years for Europe to have a common bank notes, but Customs Union, bearing in mind the mistakes EU made, can do it in 10 years, he believes.
 

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