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Dmitry Medvedev sent the Agreement on Common Monetary Policy Principles to the State Duma for ratification.
The agreement was drafted following a decision by the Customs Union Commission of January 27, 2010, and signed in Moscow on December 9, 2010.
Under the agreement, the parties will carry out a currency and economic policy aimed at developing currency integration and building confidence in their national currencies in their respective domestic markets and on the international currency markets.
The parties to the agreement will regulate their currency and financial relations by coordinating policy in the aim of expanding the use of their currencies in mutual settlements between their respective residents.
Specifically, the parties will make their currencies mutually convertible and stabilize their exchange rates, improve their payments and settlements relations by increasing use of their national currencies in transactions between their respective foreign economic actors, and establishing an integrated currency market between the countries party to the agreement.
The parties to the agreement will also bring their currency regulation and control policies more closely into line with each other. The parties will sign the relevant international agreements needed to achieve these objectives.
June 6, 2011