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26 August 2022, 12:41

EAEU prime ministers agree to expand usage of national currencies

MOSCOW, 26 August (BelTA) – At a session of the Eurasian Intergovernmental Council held in Cholpon Ata on 25-26 August prime ministers of the Eurasian Economic Union countries agreed to expand the usage of national currencies in mutual transactions, BelTA learned from Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich after the session.

Mikhail Myasnikovich said: “Approaches to expanding the usage of national currencies in mutual transactions were adopted.”

The official reminded that at present the share of national currencies in mutual transactions in the Eurasian Economic Union stands at 74%. “But we are far from what we would like to have. Because national currencies should be the currencies of the relevant contracts: at present contracts often specify prices in U.S. dollars, euros, Chinese yuans, and so on while transactions are made in national currencies. And due to the volatility of exchange rates we see problems, which negatively affect inflation among other things,” Mikhail Myasnikovich pointed out.

In his opinion, the situation is one of the reasons behind a recent surge of food prices on the Eurasian Economic Union market. “Prices for food fluctuated, it is true, now the food market is getting stabilized. Mainly due to two factors: import of inflation together with imported goods and volatility of exchange rates in the course of transactions in mutual trade,” Mikhail Myasnikovich said.

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