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EEU companies, banks ready to increase volume of payments in national currencies

Companies and banks of the Eurasian Economic Union are ready to increase the volume of payments in national currencies. These are the results of a study conducted by the Eurasian Economic Commission.

Director of the Department of Macroeconomic Policy of EEC Tota Kaliaskarova reported that 75.6 percent of payments for exports in the mutual trade of goods within EEU is made in national currencies. The data were obtained during a survey of enterprises and banks on the use of currencies of EEU states in cross-border operations on the territory of the Union. The majority of survey participants noted the absence of significant administrative and regulatory barriers in payments in national currencies.

The importance and attractiveness of the general market of goods and services, the established structure of trade relations and pricing practice are among the most important motives for using them in payments.

«The expansion in the use of national currencies depends on the dynamics of integration processes, especially the development of mutual trade," Tota Kaliaskarova summed up.

To increase the volume of payments in national currencies, the need for further liberalization of mutual access to local currency markets, strengthening of interaction between national regulators, wider use of currency risk insurance instruments, and the provision of mutual quotations for national currencies was noted.

The EEC is sure that the formation of a common financial market within EEU will open the way for further internationalization of the national currencies of EEU member states.