Belarus to Introduce Parallel Circulation of Russian Ruble :: Charter'97 :: News

The National Bank of Belarus intends to launch into parallel circulation starting from July 1, 2003 both Belarusian and Russian rubles (in cashless transfer alone), said chairman of the bank’s board Petr Prokopovich. Still unsolved is the technical problem. Technical capacity and equipment of the National Bank leave much to be desired and don’t let carry out transactions in both currencies at the same time.

According to Prokopovich, today 40% of transactions between Belarusian and Russian companies are made in the national currencies of the two states (30% in Russian rubles and 10% - in Belarusian), while 60% - in American dollars. “By January 1, 2004 we need to ensure that all mutual financial transactions are carried out in national currencies alone,” – stressed Prokopovich.

Prokopovich pointed out that the emission center problem is yet to be solved too. To do this in the second part of February there will be held the meeting of Premiers and heads of the Central banks of Russia and Belarus. If they manage to fulfill the joint measures’ agenda, Belarus’ transition to the Russian ruble as means of payment will be conducted by January 1, 2005, underscored Prokopovich.