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    Eurasian Economic Community Unable to Introduce Own Currency: Secretary General

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    The Eurasian Economic Community (EurAsEC) is unable to introduce its own currency at the moment, EurAsEC Secretary General Tair Mansurov said at a press conference Tuesday.

    MOSCOW, October 7 (RIA Novosti) - The Eurasian Economic Community (EurAsEC) is unable to introduce its own currency at the moment, EurAsEC Secretary General Tair Mansurov said at a press conference Tuesday.

    "At present, there is no such opportunity [to introduce EurAsEC's own currency]," Mansurov said.

    He noted that the foreign exchange reserves of the organization's member countries mainly comprise the dollar and the euro, as they are the two prevailing currencies in the world that are hard to compete with.

    "Our currencies, of course, cannot compete with them [the dollar and euro]," the secretary general said.

    Mansurov also pointed out the importance of creating a unified customs tariff that allows goods into the EurAsEC Customs Union, comprising Russia, Belarus and Kazakhstan, at the same tax rate.

    The creation of the tariff has drawn attention of the international community to the EurAsEC and has helped the community's ability to respond to global challenges.

    The Eurasian Economic Community is an international economic organization that was formed to facilitate the creation of the Customs Union and Common Economic Space by its member states, including Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan. The organization was established by a treaty signed on October 10, 2000, and came into effect on May 30, 2001.

    Tags:
    currency, Customs Union, EurAsEC, Kazakhstan, Belarus
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