Belarus conditions single currency on Russian effort.
PTI | 03:07 PM,Jul 30,2010Minsk, Jul 30 (Itar-Tass) Belarussian chief banker said the Russian ruble may become a single currency for Belarus and Kazakhstan only in case it develops into a reserve currency in the Commonwealth of Independent States (CIS). "To speak about a single currency today or tomorrow it is necessary to resolve one elementary issue - the Russian ruble has to become a genuine reserve currency for CIS countries.However nothing is being done for that," Petr Prokopovich told a press conference on yesterday. "Unfortunately, our Russian colleagues did not strengthen the Russian ruble to give it the status of a reserve currency and make it replace foreign currencies in settlements between CIS countries. As a result, there is a paradox as the US dollar, not Russian ruble is the main currency in settlements between Russia and the CIS," he added. The chief banker also said the Russian ruble may develop into a single currency only at the final stage of the creation of a common economic space between former Soviet republics. "We have always said it should be the final stage of economic integration. We cannot jump over various stages of our economic development," he said. (Itar-Tass) HMI
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.
Disclaimer: Network18 Media & Investments Limited is proposing, subject to market conditions and other considerations, an offer of its equity shares on rights basis and has filed a Draft Letter of Offer with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of SEBI at