Finances

​MOLDOVA’S PARTICIPATION IN CIS CURRENCY MARKET CREATION IS PROFITABLE FOR MOLDOVA – EXPERTS

02 september, 2015

The signing and ratification of the agreement on creating an integrated CIS currency market is advantageous for Moldova and is not contrary to international agreements with other external partners, said former chairman of the parliamentary Standing Committee on Economy, Budget and Finance, economic expert Veaceslav Ionita

In an interview to Infotag he said that the cooperation agreement in the field of creating an integrated currency market by CIS member-countries, signed by Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan and Tajikistan, is profitable for Moldova and the authorities should be interested in this to participate in the project.

“The state has to create conditions for business development and such a financial union is highly profitable. We have to understand that this will have a positive impact on relations between all its members”, Ionita explained.

According to him, such an agreement will not affect Moldova’s relations with other partners such as the International Monetary Fund (IMF) and the European Union, but its adoption and ratification in the RM will take long time.

Communist MP Oleg Reidman also positively regards the initiative, though maintains that such a step is possible only after the resumption of trade relations with Russia.

“We have to come back to previous volumes of trade, which existed in 2009. Russia remains Moldova’s major partner and the accession to this agreement can be possible only in case of a complete resumption of relations. The document should be working on parity basis”, he said.

Earlier, Russian President Vladimir Putin registered in the State Duma [parliament] a draft law on ratification of this agreement, signed in December 2012 in Ashgabat (Turkmenistan). According to him, the implementation of the agreement will help banks of these countries to efficiently build their work and will contribute to enhancing of the macroeconomic stability in the region.

The agreement provides a direct access of sides’ resident banks on internal currency markets of each other for conducting interbank conversion operations in conditions not less favorable than those, provided to commercial banks. Thus, the territory of countries-members of the agreement there will be possible to exchange national currencies directly, without their intermediary recalculation on US dollars or euros, excluding the losses of funds due to the difference in exchange rates. Besides, participants of the financial system will have the opportunity to choose the currency of payment.

The countries, which have not signed the document (Azerbaijan, Moldova, Turkmenistan, Uzbekistan, Ukraine) can accede to it depending on the economic advisability for each state in part.

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