Russia and Belarus sign an agreement to use the Russian...

Russia and Belarus sign an agreement to use the Russian rouble as the currency of their planned Union State within five years. This decision indicates a move towards the integration of their economies. The Prime Ministers of Russia and Belarus initially signed the agreement during a meeting in Moscow, and the Presidents of the two countries are set to sign it on November 30. The agreement states that the Russian rouble will become the only cash currency in Belarus from January 1, 2005. It also outlines that the two countries will have another unified currency from 2008, with the name yet to be determined. The agreement was made possible after Belarus agreed to drop its demand to have the right to print money and that the Russian Central Bank would be a single emission center until 2008. The joint council will make decisions on monetary policies.

Monday, 13 November, 2000