EEC Board approves Agreement on Advisory Council on exchange rate policy

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 draft agreement definesthe tasks, functions, composition and authority of the Council, as well as theprocess and procedures for decision-making. Among the tasks of the Council arethe development and deepening of cooperation between national (central) bankson exchange rate policy issues, identification of potential sources of vulnerabilityand external shocks, which may cause instability in the domestic foreignexchange markets and increase mutual fluctuations of national currencies andothers.

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

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

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