Having a single currency isn’t an issue of one day (video)
The single economic currency is an issue of future for the EEU member countries. The Central Bank of Armenia rejects such changes in the near future. “No such discussions, no document or no initiative are implemented at the CB,” the CB Board member Armenak Darbinyan told “A1+”. Having a single currency system is considered to be the last phase of an integration process, which supposes unification of a number of spheres before that. On this occasion, President of the Union of Banks of Armenia Samvel Chzmachyan assures that it must be examined for at least 7-10 years, as there are many questions, which must be given answers. The specialists of the sphere separate many circumstances, which must be clarified in order to be able to speak of a single currency. Before that we need to have a fully formed Customs Union. “Today we cannot say that there is a complete Customs Union in the EEU, as there are many reservations in commerce between the countries, then we must have a joint market, which supposes not only liberalization of products and services but also workforce and capital, which is also a long process,” highlights Armenak Darbinyan. In this context Samvel Chzmachyan notes that the Central Banks must bring closer the refinancing interest rates. And a joint policy must also be lead in connection with inflation for many years so that the inflation becomes either comparable or similar. Still last year the idea of a single currency was approved by the presidents of the EEU founding countries. Altn, Euras: these are the possible names of a single economic currency. Mr. Chzmachyan jokes that it can also be called “rubdram”. Watch the details in the video!
