Russian Ruble to Become EurAsEc Single Currency?

In the near future the Russian ruble may become the single currency across the Eurasian Economic Community, Russian Prime Minister Mikhail Kasyanov said on Wednesday speaking at the EurAsEC economic forum.

"Today's level of integration suggests the idea of a single currency system," the Head of the Russian Government said.

First of all, the EurAsEC countries must speed up the establishment of a common payment system based on the national currencies, with the Russian ruble being used in circulation, Kasyanov believes. At the same time, national currency exchange rates must be stabilized with allowable fluctuations, the Prime Minister added.

To introduce the single currency, the EurAsEC countries must step up integration, namely, set up a free trade zone, the Customs Union and common economic area, Mikhail Kasyanov said.

According to him, to realize the target the EurAsEC member-countries must be ready to adopt "tough, even radical" administrative and legislative measures.

The Eurasian Economic Community includes Russia, Belarus, Kazakhstan, Kirgizia and Tajikistan.