Kyrgyzstan PM proposes to increase settlements in rubles and yuan

08 June 2023

Kyrgyzstan considers it necessary to more actively use alternative currencies, including the Russian ruble, in mutual settlements. Akylbek Zhaparov, the head of the Kyrgyz Cabinet of Ministers, made the statement at the meeting of the enlarged Eurasian Intergovernmental Council.


"It is necessary to more actively use alternative currencies in settlements, including the Russian ruble and the Chinese yuan," he said. In this regard, Zhaparov suggested financial regulators of the Eurasian Economic Union (EEU) member states "to develop mechanisms for introducing the ruble and the yuan" in settlements.


Zhaparov also called on the governments of the Union states to step up efforts to strengthen powers of the EEU supranational bodies, to develop transnational transport corridors in order to increase industrial potential, to pay more attention to the sphere of import substitution and to simplify access of producers to the marketplaces.


According to him, the EEU "has demonstrated its relevance and effectiveness" during the nine years of its existence. "Thanks to timely made decisions it was possible to maintain macroeconomic stability and stimulate the growth of key sectors of the economy," he continued.


As a result, industrial production in Kyrgyzstan grew 7.6% in the first three months of this year compared to last year's figures for the same period. "Production in agriculture is also showing stable growth, growth is observed in all countries of the Union," the prime minister noted.


According to him, this year the volume of trade of the republic with the EEU countries amounted to $825 million, with exports increased by 13.3% compared to the same period last year.

 

 

GSV "Russia - Islamic World"

Photo: Alexander Astafiev/POOL/TASS

Based on materials from TASS