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  • The Ruble as the Settlement Currency of the CIS - the article in the new issue of Eurasian Development Bank "Eurasian Integration Yearbook".

    Salikhov M. R. Agibalov S. V.
    12 August 2010

    The article “The Ruble as the Settlement Currency of the CIS” wrote by IEF’ experts Marcel Salikhov and Sergey Agibalov was published in new issue of Eurasian Development Bank Eurasian Integration Yearbook. In this paper authors analyse potential and prospects for ruble to become regional reserve currency.

    There are very important reasons for pursuing this goal. The CIS is a nonuniform regional bloc with a high degree of trade asymmetry caused by the presence of a large member (Russia) whose economy exceeds those of all the other members put together. Trade with Russia accounts for 44% of total trade between CIS countries. The desire to increase foreign trade payment in roubles is being widely discussed because CIS countries other than Russia use this currency so heavily. For example, rouble settlements make up about one-third of total payments transacted between Belarus and Kazakhstan.

    Presently, the rouble displays only minimum potential to become a reserve currency. In our opinion, establishing the rouble as a “regional reserve currency” would elevate its status to that of an international currency. This process may take many years. As well as the implementation of this strategy, economic measures should be taken which would bring instant and tangible benefits for CIS countries. Increasing the use of rouble and other national currencies may help to reduce currency risk and the need to create additional currency reserves in dollar or euro. Ultimately, all economic players will benefit from a more efficient clearing system in CIS.


    The Rouble as the Settlement Currency of the CIS (pdf).

    Full text of EDB Eurasian Integration Yearbook on EDB website.

    Back to the list of publications
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