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To: long-gone who wrote (45437)	11/30/1999 7:04:00 PM
From: lorne	Respond to of 116779

SINGLE RUSSIAN-BELARUSSIAN CURRENCY LIKELY TO BE INTRODUCED IN SIX YEARS MOSCOW. Nov 30 (Interfax) - The Central Bank of Russia is considering the possibility of introducing a single Russian-Belarussian currency in about six years, a source close to the Central Bank has told Interfax. He said that details will be discussed at the first session of the Russian-Belarussian Interbank Currency Council in December. "Regarding concrete mechanisms, five or six years will be needed to prepare the changeover. The two countries' laws and the central banks' regulations must be brought in line with each other and an interstate agreement on a single currency and single emission center must be signed. Subsequently, cash in circulation must be quickly replaced with new cash," he said, adding that the Russian ruble is likely to become the two countries' single currency. The Currency Council will also discuss the problem of a single emission center. "In the opinion of the Russian side, this function should be performed by the Russian Central Bank which, jointly with the National Bank of Belarus and with the two countries' governments and union agencies will take decisions," the source said. The Central Bank has not yet appointed its permanent representatives in the Interbank Currency Council, the source said. The Belarussian-Russian union treaty is expected to be signed in December. The agreement on the establishment of the Interbank Currency Council was signed in Moscow on November 17, 1999 by Chairman of the Central Bank of Russia Viktor Geraschenko and Chairman of the Board of the National Bank of Belarus Pyotr Prokopovich. invest.russiatoday.com