EAEU plans to set up council to coordinate exchange rate policy

MOSCOW. KAZINFORM - The Board of the Eurasian Economic Commission (EEC) has approved the draft agreement on the advisory exchange rate policy council of the Eurasian Economic Union member states, BelTA learned from the EEC press service.

«The document is built on the provisions of the EAEU Treaty. It stipulates that the exchange rate policy is coordinated by a separate body composed of the heads of national (central) banks of the EAEU member states,» the EEC said.

The draft agreement sets out the tasks, functions, membership and powers of the council and also describes the order and procedures of decision making. The council shall promote cooperation between the national (central) banks on exchange rate policy, identify potential sources of vulnerability and external shocks that can cause instability in the domestic currency markets and increase mutual fluctuations of the national currencies, Kazinform refers to BelTA.