Single Currency Unit Is To Be Discussed In Customs Union

The Eurasian Development Bank has made a proposal.

The Eurasian Development Bank proposes the EEA countries to introduce a single unit of account. It will become an analogue of the ECU, which was used in the EU before the introduction of the Euro, Izvestia reports with reference to Evgenia Vinokurova, the Director of the EDB Center for Integration Studies, the Belarusians and the Market website writes.

Such a monetary unit can be used for the central banks’ payments. It will be calculated on the basket of currencies available in the region. The unit has no name yet. With its help it would be possible to serve trade flows.

The EDB proposal has not yet been submitted to the discussion of the Eurasian Economic Community countries.

Now, rubles are used for payments with the Russian Federation, and dollars are used between other countries.