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Rouble has good chances to become regional currency - Kostin

September 07, 2012, 5:53 UTC+3
The banker believes that there are several reasons – the rouble is fully convertible, it “flows” and at the same time there is no control over the national capital
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Photo ITAR-TASS

Photo ITAR-TASS

VLADIVOSTOK, September 7 (Itar-Tass) — The chief executive officer of VTB Group, Andrei Kostin, has expressed confidence that the Russian rouble has good chances to become a regional currency.

“Today the rouble has a good opportunity to become a regional currency,” he told the APEC business summit on Friday.

The banker believes that there are several reasons – the rouble is fully convertible, it “flows” and at the same time there is no control over the national capital.

Awareness of the fact that the Russian rouble can be used in trade operations is regularly growing, Kostin said at the same time warning of the risks that may emerge as soon as a world currency is introduced.

He cited as an example the Soviet Union, which had a single currency, but after the collapse of the country its budget also broke down.

“Every republic started printing its own money and the inflation rate exceeded 102 percent. This is a good lesson for the European Union,” Kostin said.

Nevertheless, he recalled that the current rouble feels itself rather steady.

“Last year’s budget hit profits and its surplus made up half a trillion,” he said adding that more than 50 percent of the trade operations within the framework of the Customs Union are carried out in roubles, which also contributes to internationalization of the currency.

“We have a very serious attitude to the Russian rouble that can be a reserve currency for the former Soviet republics,” Kostin said reminding of the plans to perform trade operations with China in roubles.

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