MINSK, Oct. 30 (Xinhua) -- Member states of the Eurasian Economic Union (EAEU) are increasingly using national currencies in mutual trade and financial transactions, said Roman Golovchenko, chairman of the Board of the National Bank of the Republic of Belarus.
Speaking at a meeting of the advisory council on currency policy of the central banks of EAEU member states on Thursday, Golovchenko said that the share of payments in national currencies for exports and imports of goods and services within the bloc has reached 93.5 percent.
The shift is being driven by market mechanisms, with businesses favoring reliable and predictable payment instruments without administrative coercion, the banker said, adding that expanding settlements in national currencies helps reduce transaction costs and currency risks for the bloc.
The meeting also addressed the current economic situation and monetary policy, measures to combat unauthorized payments, and the potential use and regulation of central bank digital currencies and virtual assets within the union.
Established in 2015, the EAEU comprises Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia. ■