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Putin calls for switching to sub-national currencies in mutual settlements in CIS

Aggregate GDP of CIS countries decreased in the first quarter of 2015 as well as investment in capital stock

Russian President Vladimir Putin EPA/ALEXEY NIKOLSKY/RIA NOVOSTI

Russian President Vladimir Putin

© EPA/ALEXEY NIKOLSKY/RIA NOVOSTI

BURABAI (Kazakhstan), October 16. /TASS/. Russian President Vladimir Putin has called for switching more actively to sub-national currencies in mutual settlements in CIS (Commonwealth of Independent States) countries.

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"We should switch more actively to sub-national currencies in mutual settlements," Putin told a session of the Council of CIS Heads of State in the extended format.

The Russian president reminded about the agreement on free-trade zone in CIS signed in 2011. "We should use its potential to the fullest and maximally simplify conditions for movement of goods and investment flows," Putin said.

He noted that aggregate GDP of CIS countries decreased in the first quarter of 2015 as well as investment in capital stock. "Trade turnover between our countries has also decreased. In this situation, it is important to think about the package of measures on lowering dependence of national economics from foreign markets and think about reviving business ties inside the Commonwealth," he added.

Putin noted that Russia is finishing the ratification of the Agreement on CIS integrated currency market. The document was signed in Ashgabat in December 2012 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. "The enforcement of the document will allow us to conduct coordinated currency policy, and in the future maybe even form CIS common financial market," the Russian president said.

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