EBRD sees the ruble a reserve currency of the CIS

"The economic and political role of Russia is increasing, as well as the role of the ruble," – said in an interview with IFR CFO Manfred Shepers Bank, as quoted by Reuters. Ruble is a convenient tool to borrowing – Belarus has deployed Russian ruble-denominated bonds on the stock exchanges on a queue to other CIS countries. "Therefore it is natural for Armenia and Tajikistan, the output of these countries on the ruble bond market with a view to future funding" – Shepers said, referring to recent statements by the former Soviet republics on potential loans in rubles. According to him, the Russian investors in connection with a common history and close economic ties, as a rule, are better able to assess the credit quality of borrowers in the CIS region. "Another (former Soviet republics) to exit from the ruble-denominated loans to develop local currency market and interest rate policy, reform, – advising Shepers. The EBRD, which carries out investment projects in many countries, along with the IMF and the World Bank is currently conducting a detailed assessment of the local currency markets in Armenia, Georgia, Kazakhstan, Romania and Ukraine. See the exchange rate