Rus News Journal

The project of creation of clearing system

the Commonwealth Countries can create analogue EKJU

As has reported the Prime Mezhekonomsberbank and the International Moscow bank (MMB) have initiated to create the International bank association Commonwealth the organisation of currency clearing between the CIS countries becomes which overall objective.

the Letter with the offer to create association Commonwealth signed by heads of banks - Vladimir Kolbaevym and Vladislav Sudakovym, it has been recently dispatched in national bank associations of the CIS countries. The idea to add the existing mechanism of payments in the CIS the tool of currency clearing, according to authors of the letter, is supported by the government and the Central Bank of Russia, Minsotrudnichestvom, a number of the Russian banks, and also international credit - the financial organisations. The offer of two Russian banks were already discussed in Association of banks of Azerbaijan which has declared the readiness to be a part of founders of association Commonwealth and the clearing centre. The basic consent to participation in the project of a distance and three big banks of Azerbaijan - Azdemirojlbank, Azkombank and Renessansbank
Mezhekonomsberbank and MMB suggest to create new clearing system in some stages. From - for razbalansirovannosti payment relations within the limits of the CIS considerable debts of many CIS countries against Russia at the initial stage it is offered for inclusion in clearing system to isolate from the general payment turn of the countries of Commonwealth one or two strategic goods which most essentially influence a disbalance in trade and payments. Further other goods will be entered into clearing system also.
Then participants of system will define clearing unit and will agree upon an order of quotations of national currencies in relation to it. Thus the chief executive of Association of banks of Azerbaijan Zejnal Gadzhibejli has declared in interview Prajmu that all countries, except Russia, will insist, that as clearing currency the US dollar was used, but occurrence nadnatsionalnoj currencies as EKJU is possible also. For mutual payments it is planned to use system of technical credits. The parties also will agree about mechanisms of distribution of risks and charges of percent in case of them nepogashenija.
developers of the project consider expedient at first stage to be limited to strictly limited technical demand lines of credit within the limits of the short settlement periods. Authors of the project also consider expedient to fulfil offered model of calculations with participation of the limited number of the leading commercial banks which are most prepared for carrying out of the operations in the international clearing system of calculations.
It is supposed that a number of the basic decisions, concerning association creations Commonwealth can be accepted in July, 1995 in Moscow where the meeting of bankers from the CIS countries will take place.

DEPARTMENT of the FINANCE