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Putin Ratifies Deal to Integrate Russia Into CIS Currency Market

Russian President Vladimir Putin signed a deal on Tuesday that will create an integrated currency market within the borders of post-Soviet Commonwealth of Independent States (CIS).

MOSCOW (Sputnik) — The accord, hammered out in December 2012, will grant Russian banks direct access to domestic foreign-exchange currency markets of five other CIS member states – Belarus, Kazakhstan, Kyrgyzstan, Armenia, and Tajikistan.

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Resident banks of signatories will be able to conduct foreign exchange transactions on more favorable terms than those offered to domestic commercial banks.

CIS is a regional organization formed by former Soviet Union members in the 1990s. The group aims to promote economic, political and cultural cooperation.

A common financial market within CIS aims at expanding the use of national currencies in foreign trade payments and boosting trade and economic cooperation between member states.

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