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Regulators do not pedal switch to single EAEU currency

«To date, the regulators of the countries of the Eurasian Economic Union (EAEU) do not see the need to pedal the issue of switching to a supranational single currency,» Dmitry Volvach, Deputy Minister of Economic Development of Russia, said during a video conference.

According to him, creation of a monetary union in theory and in practice would lead to an increase in mutual trade, the economies of the states of 28 union programs.

«We understand what path we have traveled to achieve harmonization in the field of banking regulation and banking supervision, and what path is ahead. Our national currencies do a good job of retaining and ensuring trade turnover, liquidity, our commodity obligations and other kinds of interstate settlements,» Dmitry Volvach said.

At the same time, he is sure that the EAEU countries still have work to do to make their mutual infrastructure more integrated.

«I think if we work in this paradigm for a year, see how we managed to remove barriers and harmonize our legislation in this area, then we can talk about switching to a single currency at the next stage of integration. It seems to me that we still have work to do in terms of realization of the opportunities of the maximum possible switch to settlements in the national currency of our states,» Dmitry Volvach concluded.