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Russia, Kazakhstan Are Unlikely to Adopt Single Currency Soon

Friday 18 November 2011

(RIA Novosti) – Russia, Kazakhstan and Belarus are unlikely to adopt a single currency within the next few years, Sergei Shvetsov, deputy chairman of the Bank of Russia, said at an investment forum on November 17.

“I believe the introduction of a single currency will not be on the agenda within the next few years. This is my expert opinion,” Russian news agency RIA Novosti quoted him as saying.

He said that Russia was not holding consultations with Kazakhstan and Belarus on the possible adoption of a single currency.

“A single currency is the peak of the integration process, not the foundation. We see the European currency’s problems, which are evidence that political and economic integration is not enough, a single harmonized fiscal policy is needed. These mistakes of the eurozone will be taken into consideration during the establishment of the union,” Mr. Shvetsov was quoted as saying.

Speaking to reporters earlier this month, Alyaksandr Lukashenka acknowledged that he was not “ready” to agree to the introduction of a single currency within the Common Economic Zone of Belarus, Kazakhstan and Russia for the time being but said that it could happen in the future.

“We must be sure that it won’t lead to the loss of political sovereignty,” he warned.

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