September 27, 2019, 18:14
Countries of Eurasian Economic Union (EAEU) are not planning on forming a monetary union and won't be introducing a single currency, Trend reports with reference to the press office of the National Bank of Kazakhstan.
This and other main areas of Eurasian Integration have been identified in Treaty on the Eurasian Economic Union signed on May 29, 2014.
The Treaty oversees the implementation of aligned monetary policy for provision of convertibility of national currency and creation of conditions for functioning of common financial market. The issues of monetary policy and currency regulation are fully within the competence of central banks of EAEU countries.
Thus, formation of monetary union and on introduction of a single currency is not foreseen. The creation of unified central bank is also not being considered.
In accordance to the Treaty, Eurasian Development Banks is not an executive body of EAEU and its activity is not overseen by the Treaty.