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15 April 2021, 17:53

EAEU central banks discuss measures to reduce negative impact of pandemic

MINSK, 15 April (BelTA) – The monetary policy advisory council of the central (national) banks of the EAEU member states held a web-based session on 15 April, BelTA learned from the Information and Public Relations Department of the National Bank of Belarus.

The meeting discussed the current economic situation and the status of the monetary policy in the EAEU countries, including the measures taken to reduce the negative impact of the coronavirus pandemic. The parties exchanged views on the preparation of an international treaty on the supranational body to regulate the financial market, discussed the status of work on the draft international treaty on standardized license. A number of other topical issues were considered.

The Eurasian Economic Union Treaty stipulates that the EAEU member states will decide on the powers and functions of the supranational body to regulate the financial market once they harmonize the legislation on financial markets. This body will be based in Almaty and will be launched in 2025. According to the concept of the EAEU common financial market, the supranational body shall be directly accountable to the Supreme Eurasian Economic Council. Its mission will be to deepen the economic integration of the EAEU countries in order to develop the common financial market and ensure non-discriminatory access to the financial markets of the member states.

The monetary policy advisory council of the central (national) banks of the EAEU member states is an advisory body. Its main goal is to coordinate monetary policy, to develop common approaches to the exchange rate policy. The first meeting of the council took place in April 2012.

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