Updated at 14:58,21-10-2016

Igor Shuvalov does Not Rule out Adoption of Single Currency in Customs Union

05-03-2010, 16:33

Russia’s first deputy prime minister on Friday said that he did not rule out the adoption of a single currency in the Customs Union.

The scope of the Union, expected to start full-fledged operation later this year and serve as a basis for the establishment of a single economic space, may be extended, Igor Shuvalov said when speaking at a CIS economic forum held in Moscow on March 5.

"I would not rule out the establishment of a single currency space at some point in the future," RIA Novosti quoted Mr. Shuvalov as saying.

When commenting on Russia’s 2010 chairmanship in the CIS, the vice premier said that the development of a single payment system would be among the country’s key priorities. "In the financial sphere, it is important to draw up and adopt a concept and an action plan for the establishment of a payment system for the national currencies of the CIS member states," he said, noting that increasing the efficiency of the CIS Interstate Bank also was on the agenda.