MOSCOW (Sputnik) — Russian President Vladimir Putin submitted a draft law to the country's lower house of parliament Thursday on ratifying a deal on an integrated Commonwealth of Independent States (CIS) currency market.
The common financial market is to expand the use of national currencies in foreign trade payments and financial services and to strengthen trade and economic cooperation between the Commonwealth member states.
The bill has been sent to the parliament's committee on CIS affairs and Eurasian integration.
According to the official announcement on the Kremlin’s website, the agreement, signed in Turkmenistan's capital of Ashgabat in 2012, "contemplates direct access by the parties’ resident banks to each other’s domestic foreign exchange currency markets to conduct interbank FX transactions on terms more favorable than those offered to domestic commercial banks."
