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    Ditching the Dollar: Eurasian Union Should Use Member States' Currencies

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    According to the Kyrgyzstan's Vice Prime Minister Aaly Karashev, it is high time to use national currencies while conducting mutual trade transactions between EEU states in order to enhance currencies` potentials.

    BISHKEK (Sputnik) — Member states of the Eurasian Economic Union (EEU) must increase the use of national currencies in settling mutual trade transactions, Kyrgyzstan's Vice Prime Minister Aaly Karashev said on Saturday.

    "We must pay more attention to issues of currency regulation, including widening the possibilities for national currency circulation on EEU markets and using them to conduct mutual transactions between our countries," Karashev told RIA Novosti.

    Kyrgyzstan acceded to the EEU in August 2015, less than a year after the union was established. The country's customs control with Kazakhstan was lifted, while a common EEU customs tariff was implemented on its external borders.

    Kyrgyzstan's trade with other EEU countries amounted to around 40 percent of total foreign trade in 2015, Karashev stressed, adding that members of the union must deepen cooperation in the common energy market, in industry and in government procurement.

    In early April, Kyrgyz Deputy Prime Minister Oleg Pankratov said that Kyrgyzstan is interested in integration into the Eurasian Economic Union's (EEU) common energy market, noting that the Central Asian country has significant electricity export potential.

    The EEC replaced the looser integrated Eurasian Economic Community in January 2015. The union comprises Kyrgyzstan, Armenia, Belarus, Kazakhstan, and Russia. The EU-style bloc aims at greater economic integration between its member states, including a streamlined flow of goods, services, capital and labor.

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    Tags:
    currency, transaction, trade, EurAsEC (Eurasian Economic Community), Kyrgyzstan
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