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Kazakhstan’s Central Bank Governor on single currency within Customs Union

24 may 2013, 14:30
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Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
According to the Kazakhstan’s Central Bank Governor Gregory Marchenko, a single currency within the Customs Union of Kazakhstan, Russia and Belarus may emerge within 10 years’ time, the country’s Prime Minister’s Press Service reports.

“It took Europe about five decades (…) it could take us a decade if we build on the Eurozone experience. So far no concrete moves have been made towards introducing a single currency”, Mr. Marchenko said in an interview for primeminister.kz.

According to him, “to run a single currency, the Customs Union member states should work out single macroeconomic parameters similar to those in place within the EU”.

“Macroeconomic parameters similar to those set by the Treaty of Maastricht haven’t been set yet. The first step is to agree on such parameters (…) then the member states will have to stick to them for at least 5 years (…) only then could a supranational bank be launched to issue a supranational currency”, he elaborated.

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