The banks will soon submit their specific recommendations to the governments of the two countries on using national currencies
for making foreign trade settlements.
The Turkish officials and us are studying the possibility of using our national currencies
in trade exchanges," the Iranian trade minister said in a meeting with a visiting Turkish delegation in Tehran on Wednesday.
The Agreement provides for a wider sphere of using the national currencies
in terms of geography and spectrum of transactions, and, as well, cooperation towards opening direct trading in the currency pair of KZT/CNY.
The plan of mutual payments in national currencies
is supported by Russia's Ministry of Economy, but talks about time frames has not been held yet.
Russian President Dmitry Medvedev, also as expected, told the SCO summit that the Shanghai group member states should increase the share of their national currencies
in mutual settlements to reduce dependence on the dollar and improve the health of the global financial system.
This has taken place most notably in Europe where the euro has replaced national currencies
Other members of the European Union, including the United Kingdom, Denmark, and Sweden, have opted to keep their national currencies
dollars reflect the underlying national wage and benefit trends measured in national currencies
, as well as frequent and sometimes sharp changes in currency exchange rates.
Will I still be able to use the national currencies
after January 1, 2002?
An interim period from January 1st to February 28th 2002 will allow the use of both the Euro and old national currencies
in all EMU countries.
The withdrawal of national currencies
in the Euro Zone countries will happen on December 31, 2001.
But the "golden" name and the instant popularity of the new coin serve as a reminder of the valuable role that real gold has played throughout the centuries -- and still plays today -- in providing a stable foundation for national currencies