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Deputy Chairman of Kazakhstan National Bank does't preclude single currency in CU and CES

24 june 2011, 18:28
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Deputy chairman of Kazakhstan National Bank Daniyar Akishev. Photo by Maksim Popov©
Deputy chairman of Kazakhstan National Bank Daniyar Akishev. Photo by Maksim Popov©
Deputy Chairman of Kazakhstan National Bank Daniyar Akishev did not preclude introduction of single currency in the Customs Union (CU) and Common Economic Space (CES) during St. Petersburg International Economic Forum, Tengrinews.kz reports.

Akishev answered the question of the session's moderator, first deputy of President-Chairman of VTB bank Yuriy Solovyov, about the possibility of introduction of a single currency in CU and CES in view of the fact that “the European Union, which, as is known, started as a union of steel and coal, finished with full integration and single currency.”

“Perhaps it (introduction of single currency) is possible if we reach a high level of integration and convergence. You know, there are agreements which provide a substantial harmonization of our financial markets and if all these provisions are implemented, I think, we will be able to start talking about a single currency,” Daniyar Akishev said.

Deputy Chairman of the National Bank noted that everything will depend on negotiations and position of every country. Akishev added that “we are moving in this direction.” Introduction of single currency in CU and CES depends on the speed of integration itself, and it is pretty high right now.

Daniyar Akishev also spoke about the agreement on the currency policy in CU ratified by Kazakhstan Parliament.

“It (currency policy) has to be coordinated, as Kazakhstan's and Russia's economies are quite close to each other and the circumstances effecting currency exchange policoes are also very similar both in Kazakhstan and Russia. Our coordination could have been closer in the current conditions,” the deputy chairman said.

“We are interested in creation of mechanisms that would allow us to be more resistant to fluctuations on our currency market, for example, to changes in the currency exchange policy of ruble against dollar or against Euro, or of Kazakhstan tenge against dollar,” Akishev said. He reminded about the situation in Belarus when other CU countries just had to faced its negative invluence. “One way or another our countries participate in the fates of each other.” Akishev called the CU countries “to agree on common principles of CU countries in economy and market relations from the very beginning.”


By Maksim Popov

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