MOSCOW—The Eurasian Development Bank has proposed the central banks of the Eurasian Economic Union member countries to create a single currency, saying it would facilitate a mutual accounting system. Russia has proposed its ruble to become the said monetary unit, according to a report by Vestifinance.ru.
“There are some instruments designed for long-term use, which we propose to be discussed by monetary regulators,” said Evgeny Vinokurov, Director of the Center for Integration Studies at the Eurasian Development Bank.
He said that a regional monetary unit was needed for servicing trade flows and could become a method of payment for the development of the so-called Silk Road, a project seeking to redevelop and revitalize the ancient trade route traversing from Asia to Europe.
Tigran Davtyan, the financial policy director of the Eurasian Economic Commission, said that in the future, the introduction of a single Eurasian monetary calculation unit would contribute to the increase of the share of national currencies in trade among citizens of member countries and to a more effective management of monetary risks, as well as to the lowering of transaction expenses in mutual payments.
The central banks of the Eurasian Economic Union member countries are ready to consider the proposal, a source close to the Eurasian Economic Commission says.