MOSCOW, 18 March (BelTA) – A mechanism for transition to transactions in national currencies in addition to reducing dependence on U.S. dollars and euros in trade is ready in the Commonwealth of Independent States, BelTA learned from Deputy Prime Minister of Belarus Igor Petrishenko after a session of the CIS Economic Council took place in Moscow on 18 March.
According to the source, during the session the head of the CIS Interstate Bank presented a report prompted by the Western sanctions against Belarus and Russia, which had affected transactions inside the CIS. The need to increase the share of transactions in national currencies and get rid of dependence on U.S. dollars and euros in trade was stressed. Igor Petrishenko noted that the appropriate mechanism had been created and had stayed rather idle. The CIS Interstate Bank head said all the competences are secured and they stand ready to make it happen. The CIS states and the private sector now have to more actively use capabilities of the CIS Interstate Bank for transactions in national currencies. Every country will decide what national currency it should interact with taking into account the existing levels of trade between the countries.
According to Igor Petrishenko, it is an interesting topic for Belarus because Belarus' trade within the framework of the Commonwealth of Independent States rose by 37% in 2021. The share of CIS states in trade exceeds 60%. “Together with Russia we will actively use capabilities of the CIS Interstate Bank for making transactions,” he said.
The official added that participants of the CIS Economic Council session had discussed tighter manufacturing cooperation, the removal of barriers in mutual trade, and matters concerning technical regulations.
“Most importantly, we have to more actively advance interaction of the formats of the Commonwealth of Independent States and the Eurasian Economic Union,” the deputy prime minister stressed. “During Belarus' presidency such an initiative was put forward, coordinating mechanisms of the CIS Executive Committee and the Eurasian Economic Commission were created to analyze legislation to avoid duplicating legal norms.”
