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Low inflation needed for better use of EEU national currencies

Low inflation is needed for better use of the national currencies of the Eurasian Economic Union in payments. The First Deputy Chairwoman of the Bank of Russia Ksenia Yudaeva announced today at the conference of the Eurasian Development Bank.

According to her, low inflation is needed for more frequent use of currencies by the countries, keeping more savings in them. The reduction in inflation, which is now observed in EEU countries, is the first important factor in avoiding dollar in mutual payments.

«If we do not provide low inflation and a high level of public confidence in national currencies, then there will be no their normal use in payments and financial systems. We will retain a high level of dollarization of the economies of EEU countries. Now the use of currencies in payments is growing, but there are barriers. One should not hurry. The process should be market-oriented, profitable for its commercial participants. Only in this case it will be stable. The current growth of payments in the national currencies is organic. Although there is still room for improvement,» Ksenia Yudaeva noted.