Belarus, Russia can adopt single currency by 2005

In Mahilyow, Gerashchenko and his Belarusian counterpart, Pyotr Prakapovich, took part in a meeting of the Belarusian-Russian Interbank Currency Council, which discussed a joint plan of creating conditions for the adoption of the single currency.

According to Mr Gerashchenko, the council discussed the possibility of extending loans to Belarus under a 2001-2005 credit line agreement between the two countries, and set the ratio that is to be maintained between the Belarusian rouble and the Russian rouble.

Mr Gerashchenko said that the single currency adoption and the establishment of the single money-printing centre are complicated issues requiring thorough consideration and the adjustment of the countries' economic policies.

The countries still have deep divisions over the common money-printing centre as Belarus insists that they should have an equal say, while Russia wants a complete authority. The credit line agreement between the two countries will start working after its ratification by the Belarusian parliament, Mr Gerashchenko said.