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EEC Board approves Agreement on Advisory Council on exchange rate policy

17 July 2019 16:10

BISHKEK. KAZINFORM The Board of the Eurasian Economic Commission (EEC) has approved the draft Agreement on the Eurasian Economic Union (EAEU) member states Advisory Council on exchange rate policy, KABAR informs.

The press service of the EEC said that the document is developed on the basis of the provisions of the Union’s Treaty. It stipulates coordination of the exchange rate policy by a separate body, which includes heads of national (central) banks of the Union’s states.

The draft agreement defines the tasks, functions, composition and authority of the Council, as well as the process and procedures for decision-making. Among the tasks of the Council are the development and deepening of cooperation between national (central) banks on exchange rate policy issues, identification of potential sources of vulnerability and external shocks, which may cause instability in the domestic foreign exchange markets and increase mutual fluctuations of national currencies and others.

The document will be sent to the countries of the Union for internal approval.

The Eurasian Economic Commission (EEC) is the executive body of the Eurasian Economic Union responsible for implementing decisions, upholding the EEU treaties and managing the day-to-day business of the Union.

The EEU currently comprises 5 member states-Armenia, Russia, Belarus, Kazakhstan and Kyrgyzstan.