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Putin Ratifies Deal to Integrate Russia Into CIS Currency Market

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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.

CIS security services agreed that priority should be given to joint efforts aimed at destroying terrorists' supply and financing channels. - Sputnik International
CIS Countries Agree to Improve Coordination in Fight Against Terrorism
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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