Baku, Azerbaijan, June 25
By Azad Hasanli – Trend:
The countries of the Commonwealth of Independent States (CIS) intend to expand the integrated foreign exchange market by admitting participants from third countries, for example, Vietnam and Turkey, to the market, the CIS Executive Committee told Trend.
"Further efforts will also be concentrated on solving the problem of admission not only banks, but also other professional participants [brokers, stock exchanges] to the integrated foreign exchange market, expanding the range of financial instruments and filling the market with liquidity in national currencies," the committee added.
“Of course, an increase in the share of settlements among the CIS countries in the national currency positively affects the development of their economies,” the committee stressed.
"The exchange trade in national currencies is being expanded within the creation of an integrated currency market,” the committee said. “In particular, the Belarusian Currency and Stock Exchange, the Kazakhstan Stock Exchange and the Moscow Interbank Currency Exchange, where 12 banks out of five CIS member-states, including national banks of Belarus and Tajikistan, have already obtained a direct access to currency trading.”
“At the same time, the central (national) banks of the CIS member-states continue to work to strengthen the banking sector,” the committee added.
"Particular attention is paid to the harmonization of banking regulation and supervision regimes, implementation of international recommendations and standards of the Basel Committee on Banking Supervision,” the committee stressed.
“The measures, which are being taken, create the necessary conditions for the stable activity of banks in the CIS area,” the committee said.
“As a result of active joint actions in the financial sphere of the CIS countries, certain stability of the banking system has been already achieved, currency markets, the insurance sector and the securities market markets have been institutionally organized,” the committee added.
“The modern technologies and new financial instruments in trade with the use of national currencies are an important factor in the development of trade and payment relations,” the committee stressed.
The integrated currency market is a set of internal currency markets of the CIS countries, united by common principles of functioning and state regulation.
In particular, within this market, each country must provide the resident-banks of other CIS countries with an access to its national currency market to carry out interbank conversion operations on as favorable terms as those created for resident-banks of that country.
The agreement on cooperation in the integrated currency market of the CIS member- states was signed on December 5, 2012.
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