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Tatyana Valovaya: EEU countries not benefit from introduction of single currency

«The EEU countries won’t benefit from the introduction of a single currency now," a member of the board on integration and macroeconomics of the Eurasian Economic Commission Tatyana Valovaya said during an online conference today.

According to her, if the single currency of the Eurasian Economic Union is introduced, there will be more costs than advantages. But this doesn’t mean that countries don’t need to integrate in the monetary and financial spheres, the minister said.

«Do not scare our countries with a single currency. We need to work on reducing fluctuations in exchange rates, making foreign exchange policies more predictable, and states — macroeconomically stable," she said.

It is difficult to conduct calculations in US dollars. We need to pay in national currencies.

Tatyana Valovaya

«We need to expand the use of national currencies in the EEU space. For example, the volume of trade in the national currency between Russia, Belarus and Kazakhstan is growing. But one can’t say the same about the trade of Armenia and Kyrgyzstan. Payments are mainly in dollars there. Now we are discussing with experts how to stimulate use of national currencies in transactions. In any case, today we don’t need a single currency. We need integration in the monetary sphere," the EEC Minister concluded.