In brief
At an advisory council meeting, Roman Golovchenko announced that national‑currency settlements in the Eurasian Economic Union reached 93.5 % of intra‑bloc trade, a rise that lowers transaction costs and currency risk. The figure reflects a market‑driven trend with businesses preferring predictable payment instruments. The council also reviewed broader economic conditions and considered regulation of digital currencies and virtual assets within the union, leaving those developments unresolved.
During a Thursday session of the advisory council on currency policy for the central banks of the Eurasian Economic Union (EAEU), Roman Golovchenko, chairman of the Board of the National Bank of the Republic of Belarus, announced that payments in national currencies for imports and exports within the bloc now account for 93.5 % of all intra‑bloc trade.
Golovchenko delivered the update in Minsk, noting that the high settlement rate reflects a market‑driven shift: businesses are choosing reliable, predictable payment instruments without administrative coercion. He said that expanding settlements in national currencies helps reduce transaction costs and currency risks for the bloc.
"The share of payments in national currencies for exports and imports of goods and services within the bloc has reached 93.5 percent," Golovchenko reported.
"The shift is being driven by market mechanisms, with businesses favoring reliable and predictable payment instruments without administrative coercion,"
The council that convened the announcement draws together the central banks of the five EAEU member states—Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia—established in 2015. The meeting also reviewed the current economic situation and monetary policy across the union.
In addition to discussing the 93.5 % national‑currency settlement figure, the participants tackled issues regarding unauthorized payments and the potential use and regulation of central bank digital currencies (CBDCs) and virtual assets across the member states.
While the figure for national‑currency settlements marks a milestone, the council emphasized that the future trajectory depends on continued market participation and cross‑border regulatory alignment. No definitive timeline was offered for when the remaining 6.5 % of payments might also settle in national currencies.
Experts within the council suggested that the current high level of national‑currency use could further influence trade dynamics, potentially easing the impact of global currency fluctuations on EAEU economies.
The discussion highlighted gaps in data collection on the exact mechanisms by which businesses select settlement currencies, as well as the lack of comprehensive insight into the long‑term cost savings attributed to the shift.
Uncertainties remain over how the planned regulation of digital currencies and virtual assets will shape future settlements, as the council has yet to finalize policy guidelines. Additionally, the broader economic implications of the high national‑currency settlement rate for each member state's monetary stability have not been fully quantified in publicly available reports.
