RBC: Russia will offer to expand settlements in tenge, drams and soms within the framework of the EAEU

Russia has included in the agenda of the meetings of the Eurasian Intergovernmental Council (EMPC), which will be held on August 25 and 26, the issue of expanding the use of the national currencies of the Eurasian Economic Union (EAEU) in trade. Russia will offer several directions for work in this area. This was reported RBC with reference to sources.

According to the publication, Russia is going to offer:

• Ensure the operation of the national payment systems of the EAEU countries in the member countries of the union. Now four countries have their own payment systems: Mir in Russia, Armenian Card in Armenia, Belkart in Belarus and Elkart in Kyrgyzstan.
• Increase the share of correspondent accounts in banks of the EAEU countries in national currencies.
• By the end of 2022, connect the central banks of the EAEU countries to the Financial Message Transfer System (SPFS) of the Bank of Russia, as well as connect the SPFS to most of the banks that service mutual trade.

The Russian delegation is going to offer to launch trading in currency pairs in the national currencies of the EAEU on the exchanges of the Union countries. In addition, Russia is going to discuss a possible launch of trading in commodity assets in national currencies.

According to RBC, the head of the Ministry of Economy Maxim Reshetnikov will take part in the EMPS meeting. The source of the publication did not specify what issues will be discussed at the talks with representatives of the EAEU countries.

According to the Eurasian Economic Commission, at the end of 2021, the ruble accounted for 71.5% of transactions within the EAEU. Another 26.2% of transactions were made in dollars and euros, in tenge – 1.4%, 0.2% – in Belarusian rubles.

Olesya Pavlenko