Igor Shuvalov: We must not hurry with the project to create a single currency union within the Eurasian Economic Union

There is no need to hurry with the project to create a single currency union within the Eurasian Economic Union, Russia’s Deputy Prime Minister Igor Shuvalov told Russia 24 TV on Mar 30.

“Quite recently we could witness slumps in the national currencies of Belarus, Russia and Kazakhstan. Now we have new partners, Armenia and Kyrgyzstan. So, the question is if we can afford creating a single currency union now that we don’t yet have specific inflation and currency stability parameters. I think we must not hurry here. Let’s see what experts will say,” Shuvalov said.

In Mar 2015, Russian President Vladimir Putin instructed the government to consider if it was expedient to create a single currency union within the Eurasian Economic Union by Sept 1 2015. When creating the Eurasian Economic Union, Russia, Belarus and Kazakhstan agreed to create a Eurasian Central Bank and a single Eurasian currency by 2025.