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USSR, Eastern Europe look for new forms of trade finance
MOSCOW, Mgy 25 : "No money, no funny", sums up the view of senior Soviet official Ronald Piskoppel on Moscow’s dwindling trade with its former allies in Eastern Europe. reports Reuter.
Trade in the region is running at a tiny fraction of last year's levels, after governments, in a burst of free-market enthusiasm, broke up foreign trade monopolies and decreed that in future enterprises would trade in hard currency.
The slump in trade has exacerbated recession at home, fuelling popular disenchantment with reform.
Now Soviet and East European officials, aware that it is money that oils the wheels of trade, are looking at new. and some old. forms of trade finance to get things moving again.
"We should once again study the whole question of payments so It may contribute to our cooperation and not be a hindrance", said Stepan Si-taryan, one of President Mikhail Gorbachev's top advisers, at a news conference last Saturday announcing the dissolution of the Comecon trade bloc.
The shift to hard currency
dealings this year in Comecon from transferable roubles, which were Just an accounting device and not real money, had been eagerly awaited on all sides.
Moscow thought it would at last get a fair price from its neighbours for oil and other raw materials, while countries such as Poland and Hungary hoped that adopting normal world market practices in place of the artificial Comecon system would help modernise their economies.
They had overlooked one thing.
"When the transition from roubles to dollars took place a tragic things occurred — it
turned out neither we nor our partners have dollars," Piskop-pel, in charge of Eastern Europe at the Foreign Economic Relations Ministry, said in an interview.
Some in Eastern Europe' thought Moscow was trying to wreck their economies tn re.-venge for abandoning communism by not buying anything, but Soviet officials say a fall in Soviet oil exports Just left them with less money to buy goods with.
Breaking up the Soviet Government's monopoly on foreign trade also created confusion and uncertainty.
Ministers in Eastern Europe agree that a lack of Soviet
solvency not a lack of Soviet demand is causing the problem.
One way the Soviet Union is tackling this is by again allowing its enterprises to agree barter deals.
Moscow is also looking at ways of allowing enterprises in the area trade in national currencies such as roubles, zlotlds and forints, that are not yet convertible. Sitaryan said.
But some people are also considering a move institutional framework modelled on the European Payments Union which helped revive Western Europe's trade after World War II until Its members were ready to make their currencies convertible.
Khokhlov said the system, which would keep multilateral trade going, could use the European Currency Unit (ECU), the European Community's •embiyo currency, as unit of account
The IBEC. which used to handle transferable rouble payments for the member stdtes of Comecon, who arc still its owners. Is now turning itself into a conventional commercial bank, and itself uses the ECU as an accounting unit.