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It is prematurely to talk of a single currency within the Customs Union: Central Bank Governor

16 march 2012, 16:32
0
Gregory Marchenko. ©Vladimir Dmitriyev
Gregory Marchenko. ©Vladimir Dmitriyev
It is prematurely to talk of a single currency within the Customs Union of Kazakhstan, Russia and Belarus, the National Bank’s Governor Gregory Marchenko believes.

“First of all, the member states would have to concert major macroeconomic parameters just like European nations did when formulating Maastricht criteria (…) A single monetary policy couldn’t last long without a concerted fiscal policy in place”, KazTag Agency quoted him as saying in an online conference arranged by Profinance.kz.

According to Mr. Marchenko, “the concerted criteria would have to be met at least for 5 years for the member states to enter a monetary union (…) and later on they would need a supra-national Central Bank and supra-national ministries to deal with taxation and budgeting policy issues, as well as a new supra-national currency”.

“Thus, a single currency could be viewed as a prospect in the longer run (…) it’s too early to be talking of a possible currency union within the Customs Union at the present time”, he said.

Kazakhstan’s foreign trade between Kazakhstan and the Customs Union in 2011 grew by 40.8% to reach $24.526 billion, with exports standing at $7.618 billion (43.1% up) and imports standing at $16.908 billion (39.8% up), according to the Kazakhstan’s National Agency for Statistics.

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