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Central banks of Belarus, Russia discussing monetary management policy

GOMEL, 17 May (BelTA) – A session of the Interbank Currency Council of the central banks of Belarus and Russia is in progress in Gomel, BelTA has learned.

 

It is the 50th session on record. At the beginning Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur stressed that this year it will be 20 years since this form of meetings and discussions was embraced. Pavel Kallaur said he was confident that the session would be productive. In turn, Governor of the Central Bank of Russia Elvira Nabiullina stressed that there was a strong demand for the chosen format of meetings.

The sides are busy discussing the current economic situation and progress in implementing the monetary management policy in Belarus and Russia, discussing results achieved by the banking systems of the two countries, the bilateral balance of payments, the balance of payments of the Union State of Belarus and Russia in 2018, and the international investment position of the Union State as of 1 January 2019. Apart from that, matters of development of investment banking in Belarus and Russia are on the agenda as well as external risks to financial stability.

 

The Interbank Currency Council of the National Bank of the Republic of Belarus and the Central Bank of the Russian Federation was established in November 1999. The main tasks of the council are to prepare intergovernmental agreements on banking activities, to harmonize the regulatory frameworks of the financial and banking sectors in order to enable equal conditions for commercial entities of the two countries, and also prepare recommendations on the development and implementation of the coordinated monetary management policy and the foreign exchange policy.