FORMATION OF COMMON FINANCIAL MARKET TO BECOME EURASEC’S PRIORITY

MOSCOW, May 16 (RIA Novosti) – Formation of a common financial
market and development of currency integration are listed among the
main priorities in the operation of the Eurasian Economic Community
(EURASEC) for the next few years, the Community’s general secretary
Grigory Rapota stated.

As the EAURASEC press service said, on Monday he took the floor at the
regular meeting of the Council of the Heads of the Central (National)
Banks of the Community Member States. According to Rapota, the
meeting’s agenda envisages discussion of the drafts of two documents –
an agreement among the national banks and governments of the EURASEC
states On the Basic Principles of the Policy in the Sphere of Currency
Regulation and Currency Control of Operations Relating to Movement of
Capital, and an agreement on cooperation in the sphere of organizing
the community states’ integrated currency market.

Signing of these agreements will allow the partner states to
make a tangible move in developing integration interaction in the
currency-financial sphere, Rapota noted.

“Establishment of an international investment-credit and accounting
organization within EURASEC can become a not less important integration
factor. It could play a very effective role in deciding the questions
of financing large-scale investment programs within EURASEC,” Rapota
went on to say.

He did not rule it out that such an organization will be set up on the
basis of the Interstate Bank. “This problem has also been submitted
for the Council’s discussion,” Rapota noted.

EURASEC includes Belarus, Kazakhstan, Kyrgyzstan, Russia and
Tajikistan. Armenia, Moldova and Ukraine have the status of observers.

The Council of the Heads of the Central (National) Banks of the
EURASEC Member States is a consultative-deliberative body having the
right to take decisions of the recommendation character on questions
within the Central Banks’ competence.

The Council’s task is to coordinate the actions of the Central
(National) Banks on questions of the national currency-financial
and banking systems, the development of multilateral and bilateral
settlement relations, and other questions within the competence of
the Central (National) Banks of the EURASEC member states.