Customs Union to adopt “altyn”

The new currency is promised to appear within 3 years.

The new currency, altyn, is to be adopted by the countries of the Customs Union. It had been planned to create it by 2015, however as informed by Life News TV channel, imposing international economic sanctions against Russia by the countries of Western Europe and the US can considerably speed up this process and cut it to 3-5 years.

In May the leaders of Russia, Kazakhstan and Belarus are to sign an agreement on creation of the Eurasian Economic Union (EAEU) starting from 2015. It is to become a response to the European Union. Kyrgyzstan, Armenia and Tajikistan can join the new financial and economic space.

The idea to launch a single currency, which had been initiated by Kazakh president Nursultan Nazarbayev, was supported by Vladimir Putin in 2012.

The project of the Union includes creation of a supranational megaregulator of the single currency, the Eurasian Central Bank, which is to be strictly subordinated to the council of presidents or prime-ministers of the EAEU countries.