BELARUS NEWS AND ANALYSIS

DATE:

28.01.2006

Russia-Belarus Union to have common currency starting from 2008

KAZAN-ASTANA, January 28, 2006. KAZINFORM. -- The Union of Russia and Belarus will have a common currency starting from January 1, 2008, representatives of the Interbank Currency Council said on Friday. They were received by Tatarstan President Mintimer Shaimiyev.

"The agreement signed in 2000 says that the Russian ruble shall become the legal tender in Belarus starting from January 1, 2005, and the Union will have a common currency starting from January 1, 2008," Belarussian Central Bank Chairman Pyotr Prokopovich said, Kazinform quotes Itar-Tass.

"Equal terms in the economic and customs affairs are still to be ensured, so the two governments and banks have drafted a common action plan," he said. "Thirty important measures will be taken in the Belarussian banking sphere this year alone."

"We have discussed issues, which will promote the unification of the credit and monetary policy. We have defined principles, approaches, instruments and mechanisms, which will quickly level terms. Our clients should enjoy equal terms by the time the currency is endorsed," Russian Central Bank head Sergei Ignatyev said.

Source:

http://www.inform.kz/txt/showarticle.php?lang=eng&id=139462

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