YEREVAN. – The use of a single currency within the Russia-led Eurasian Economic Union (EEU) is foolish, Armenian economist Ashot Yeghiazaryan noted at a press conference on Saturday.
In his view, Russia has neither the economic nor the economic strength to make its currency—the ruble—a reserve, even for the EEU member states (Armenia, Russia, Belarus, and Kazakhstan).
“Russia is unable to become the financial partner of Armenia. Our [, Armenia’s,] main creditors are the International Monetary Fund, the World Bank, etc., which work with the [US] dollar,” Yeghiazaryan stressed. “If we switch to the ruble, or another Eurasian currency, and if our Central Bank begins to keep its funds in that currency, discrepancies will arise between the currency loans, and our entire microeconomics will deviate.”
In addition, as per the economist, the EEU countries need to have shared macroeconomic parameters to be able to switch to a single currency.
To note, Russian President Vladimir Putin has recently instructed the Russian Central Bank to start working on a single currency for the Eurasian Economic Union.