Russian and World News
the Agreement on practical measures on creation of a rouble zone of the new type, signed on Tuesday plenipotentiaries of the governments and the central (national) banks of Armenia, Belarus, Kazakhstan, Russia, Tajikistan and Uzbekistan, became the major document which has left for last week. Actually for the first time the parties which have signed this agreement, not simply once again have declared the adherence to the economic union, and have incurred concrete obligations on carrying out co-ordinated credit - the monetary, budgetary and currency policy. The agreement which is coming into force after its ratification by bodies of the representative power of the countries - participants, opens new possibilities for foreign trade and currency transactions in territory of six former union republics.
Than the new rouble zone differs from old
Evolution of a rouble zone perfectly illustrates the general tendencies of economic relations in the CIS. The old rouble zone in initial interpretation assumed refusal of the countries participating in it of introduction of national currencies or their substitutes. It was included, however, into the obvious contradiction with formation of the independent states. In this sense logical enough words of the president of Turkmenistan Sapurmurata Niyazov who has told are represented that the rouble zone, strictly speaking, never and was not, as “ republican “ roubles had the different quotation in relation to HARD CURRENCY. Anyhow, national currencies or their substitutes nevertheless have appeared that in due time testified, in particular, to aspiration of the countries to leave from - under dictatorship of the Moscow centre. For definitive refusal of illusions of an old rouble zone introduction Russian (unlike former Soviet) rouble was solving. As it is known, it has been made by the Central bank of Russia in two steps. On July, 1st, 1992 introduction of correspondent accounts actually meant introduction of non-cash Russian rouble, and a year later, on July, 24th, 1993 there was also a cash rouble of the Central bank of Russia. From this point on searches real and not the declarative economic union were sharply intensified.
signed on Tuesday “ the agreement of six “ allows to estimate “ a rouble zone of new type “ as an important step to the currency union like a franc zone. To it testify, in - the first, preservation behind the Russian rouble of function of lawful means of payment in territory of a new zone. Thus the role of the uniform issue centre and the main thing credit - a monetary regulator carries out the Central bank of Russia. In - the second, behind each member state of the union the right to own currency is reserved at the obligation officially to quote it in relation to rouble and to support a steady course. In - the third, it is fixed that customs, tax, budgetary, bank and currency legislations of the countries will be unified on the Russian sample.
begins to trade easier, especially to import
Basically the agreement should serve creation of the customs and economic union. Interests of republics in the signed agreement consist that, recognising rouble, they keep the presence in the Russian market, in a separation from which for today they cannot exist. Interests of Russia, in particular, consist that as has underlined vitse - prime minister Boris Fedorov, the agreement will allow to promote to the customs union, passing a stage of full arrangement of customs borders that is absolutely unreal. It is visible on an example of arrangement Russian - the Kazakhstan border.
as to actually foreign trade streams with other things being equal (narrowness of the competitive offer and solvent demand) they will be defined to a great extent by dynamics of course parities Russian and national roubles. Now this parity is obvious in favour of the Russian rouble, and the tendency to its growth concerning the majority of republican currencies will last, most likely, some more months. It means that the Russian importers actually receive rouble awards, and they still should define the most favourable commodity course in relation to national currencies.
the market of new currencies becomes more spacious
the Agreement with reference to currency transactions in the markets of the countries which have signed it opens two new possibilities. First of all procedure of rouble calculations will be facilitated. Though the fifth article of the agreement in traditional spirit says: “ Calculations and payments legal and physical persons of the Parties are carried out when due hereunder through system of correspondent accounts of commercial and central (national) banks “ the comment Russian vitse - prime minister Alexander Shokhin encourages. As he said, in bilateral agreements which should follow for multilateral, together with a recognition of legality of rouble as means of payment the system of correspondent accounts will be cancelled at rouble calculations which will be carried out the same as in Russia.
innovations are not limited to it. From the agreement text follows that in the countries - participants, except Russia, there will be a currency diarchy. In their territory will be, in - the first, to address national currency or it erzats in which quality roubles of release till 1993 or roubles of 1993 with national marks can appear. In - the second, lawful means of payment the Russian rouble admits. If to consider that in the majority of the republics which have signed the yesterday`s agreement, the HARD CURRENCY market possibilities for carrying out arbitration and krossovyh operations between these states essentially extend is rather developed.
however at present, by estimations of the Russian Ministry of Finance, present rouble stocks in republics will suffice, taking into account rates of inflation, all for some months. That is, if Russia for any reasons does not give to the countries of a rouble zone of monetary resources, the question on their exit from a rouble zone becomes again actual.
VADIM - BARDIN, ALEXANDER - VOLYNETS