Russian ruble to join Ukraine National Bank's fully convertible currencies group
KYIV. Dec 19 (Interfax) - The Ukrainian-Russian Interstate Commission, co-chaired by the two countries' presidents, Viktor Yanukovych and Vladimir Putin, has ordered the inclusion of the Russian ruble in the first group (fully convertible currencies) of the Ukrainian National Bank's foreign currency classification, according to a protocol adopted during the commission's session on December 17.
The document, which was published on the Ukrainian president's website on Wednesday, orders the "implementation of Point 12 of the Roadmap intended to resolve issues in investment, financial and industrial cooperation between Russia and Ukraine [signed in Kaluga, Russia, on October 15, 2013] concerning the inclusion of the Russian ruble in the 1st group of the Ukrainian National Bank's classification of foreign currencies and precious metals."
Apart from that, the two countries' governments were instructed to consider including Russia's Vnesheconombank on the list of organizations loan contracts with which are signed in accordance with procedures applied to international financial organizations.
The Ukrainian and Russian governments will also draw up suggestions regarding Kyiv's cooperation with the Eurasian Development Bank, the Anti-Crisis Fund of the Eurasian Economic Community and the CIS Interstate Bank.
At the end of 2011, Ukraine's First Deputy Prime Minister Serhiy Arbuzov, who headed the Ukrainian National Bank at that time, announced plans to transfer the Russian ruble to the country's group of fully convertible currencies.
"When we put the ruble in the first category, the ruble will become our reserve currency. I believe it will happen next year," Arbuzov said.
However, this step met with opposition from the International Monetary Fund.
The first group of the Ukrainian National Bank's foreign currency classification currently includes the Australian dollar, the UK pound, the U.S. dollar, the Canadian dollar, Japan's yen, the euro, and the Special Drawing Rights (SDR).
The inclusion of the Russian ruble in this category will broaden the ruble's use in foreign trade settlements of Ukrainian enterprises, as well as will further boost the ruble's foothold on the Ukrainian currency market.
