Russia ratifies law on CIS integrated currency market

Russia ratifies law on CIS integrated currency market

Russian President Vladimir Putin has signed a law on ratification of the Agreement on the CIS integrated currency market, which will create an integrated currency market within the borders of post-Soviet Commonwealth.

According to the agreement, which was concluded in December 2012 in Ashgabat, the resident banks will be able to conduct foreign exchange transactions on terms that are no less favorable than those that are offered to domestic commercial banks. This would help to expand the use of national currencies in foreign trade and provision of financial services, as well as to create conditions for increasing the market liquidity of national currencies, Gazeta.ru reports.

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