RUSSIA AND UKRAINE NOT TO TRANSFER TO SINGLE CURRENCY SOON

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KIEV, October 13 (RIA Novosti) - Russian ambassador to Ukraine Viktor Chernomyrdin has called to transfer to single currency between Russia and Ukraine as soon as possible.

"We need to speed up this issue," said the diplomat during the Russia and Ukraine: Prospects of Cooperation Development in the Banking Sector round table.

In his words, Russia and Ukraine "are ripe to discuss the issue of currency integration and transfer to single currency."

Deputy Central Bank Chairman Gennady Melikyan told Novosti-Ukraine that "as of now, Russia and Ukraine are not ready for this." "This issue is political," said Mr. Melikyan, who also takes part in the round table.

"If a country transfers to single currency, it shares its sovereignty," said the deputy chairman of the Russian Central Bank.

"Raising this issue at the round table in Kiev is far-fetched," he said.

Deputy Ukrainian National Bank Chairman Pavel Senishch, and representatives of the two countries' banking circles are taking part in the work of the round table initiated by the Russian club.

The meeting participants discussed activation of business cooperation in the framework of the creation of a free trade zone, the problem of deposit insurance, money transfers, and legislation unification.

"Despite a great shift in the relations of Russia's and Ukraine's banking spheres, we are only at the beginning of the road," said the deputy Russian Central Bank chairman.

In his opinion, problems Russia and Ukraine have to resolve now are "of the same type."

"The two states are actively making up for the time lost when relations saw a cooling after the collapse of the Soviet Union," emphasized Mr. Melikyan.

"Such meetings will help resolve all urgent issues more promptly and efficiently," he added.

The Russian club is a nongovernmental organization created by representatives of the Russian and Ukrainian public with the aim to develop dialogue between public, political, and business circles of Russia and Ukraine.

Dmitry Medvedev and Viktor Medvedchuk, the heads of administration of the Russian and Ukrainian presidents, Ukrainian Premier Viktor Yanukovich, governors and experts attended the first session of the club, which took place on August 31, 2004.

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