Azerbaijan, Baku, Apr. 2 / Trend N.Ismayilova /
Organizing reciprocal quotes of CIS national currencies could be the first step toward restoring the ruble zone, Azerbaijani Banks Association (ABA) President Eldar Ismayilov said.
"Such questions have long been debated and their application in general is a positive trend," he said. "But this process should be accompanied by an increase in real turnover between countries."
He said such trends ultimately help speed up integration processes in the former Soviet Union. However, in light of the Armenian-Azerbaijani Nagorno-Karabakh conflict, there is no reason for an expedited application, he added. Therefore, resolving political and military conflicts in the region is important for establishing a single currency area.
Following the fourth meeting of the CIS Finance Ministers Standing Council, Russian Finance Minister Alexei Kudrin said the CIS Finance Ministry considers the mutual quotation of CIS national currencies as a means to help increase objectivity.
"This will considerably simplify the situation if there are mutual headlines," Kudrin said.
Presently, the quotes are appointed through a third currency. As a result, their rate remains somewhat arbitrary. According to Kudrin, direct quotes will positively impact mutual trade among CIS countries. He also noted that calculations with Belarusian enterprises are often conducted in rubles.
"This is the choice of businesses," Kudrin said, adding that the companies themselves choose the currency in which they make payments.
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