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IMF believes Russia and Belarus not ready for single currency yet

The International Monetary Fund believes Russia and Belarus have to do a lot of things to successfully introduce a single currency, experts of the IMF said in the Fund's report devoted to the results of an IMF mission's recent visit to Minsk and Moscow this month. According to this report, Russia and Belarus are not ready for a single currency so far.

The IMF admits that the currency union can bring considerable advantages to the development of trade between the two countries. At the same time IMF experts stress that the countries should adjust their tax legislation, systems of economic regulation; Belarus should speed up its economic reforms and toughen its financial and budget policy.

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