07.06.2007

17-th meeting of the Council of heads of the central (national) banks of Euroasian Economic Community held in the National Bank of Tajikistan

As it is informed earlier, the 17-th meeting of Council of heads of the central (national) banks of Euroasian Economic Community held on June 7 in the National Bank of Tajikistan. The following delegations participate in the meeting: delegation of the National Bank of Belorussia headed by First Deputy Chairman of Board Y.M.Alimova, delegation of the National Bank of Kazakhstan headed by Deputy Chairman B.Sh.Tajiyarov, delegation of the National Bank of Kyrgyz Republic headed by Deputy Chairman Abdibali Tegin Suerkula, delegation of Central Bank of Russian Federation headed by Deputy Chairman O.V.Mojaykovskiy, delegation of the National Bank of Tajikistan headed by Deputy Chairman J.K.Eshov, delegation of Central Bank of Uzbekistan headed by Deputy Chairman M.Y.Eshmatov, chairman of Inter-state Bank A.B.Turkadze and also the Agency of Kazakhstan Republic on regulation and financial market supervision and financial relations, Integration Committee of Euroasian Economic Community, Euroasian Development Bank, Commission of resident representatives under Euroasian Economic Community and First Department of CIS countries of MFA of the Russian Federation.

Deputy Chairman of NBT J.K.Eshov has opened the meeting. He wished to participants the fruitful work directed to mutually advantageous cooperation of our countries.

The participants of meeting have elected Mr. V.G.Komarov as responsible secretary of the Council, who is the Senior Advisor of the president of Interstate Bank. Then discussion and consideration of performance course of the 16-th meeting decision of the Council took place. The information of the Central Bank of Uzbekistan Republic on work spent on integration of documents signed within the Board also has been accepted for consideration.

During the meeting the course of performance of the Plan on measures of implementation of the Concept of cooperation of state-members in currency sphere from 21.10.2005, prepared by Central Bank of the Russian Federation, has been discussed.

The National Bank of Belorussia has presented for consideration of the participants of the meeting the issue on approaches to the organization of management and supervision of operational risks in state-members of EuroAsEC.

The Agency of Kazakhstan Republic has prepared the report of formation of reserves against probable losses. It has been noted that requirements on mandatory formation of reserves against probable losses by banks on the base of classification are stipulated in the legislation of all countries of the Community.

The participants of the meeting have discussed the draft of Recommendations on development of the monetary and exchange markets of state-members of EuroAsEC.

It has been decided to consider as expedient the continuation of actions directed on improvement of functioning the monetary and currency markets of EuroAsEC state-members in view of features of development of national economies and the operations focused on the further liberalization of operations on monetary and exchange markets avoiding thus of speeding up of structural changes.

Participants of the meeting have considered possible rules of influence of the central (national) banks of EuroAsEC state-members with Inter-state Bank within the payment mechanism of Inter-state Bank with use of national currencies of countries of the Community.

During the meeting it is discussed the requirements to participants of integrated exchange market directed on maintenance of equal competitive conditions at effecting interbank conversion operations.

Participants of the meeting have taken into account the information of the National Bank of Kyrgyz Republic about a course of implementation of "Basic directions of cooperation concerning bank notes printing and coin minting industry, development of numismatic market, release of memorable and collection coins, combating counterfeiting" for 2006-2010 within which:

- the Agreement on information cooperation and exchange of experience on combating counterfeiting is signed;

- Program on organization of international mobile exhibitions of valid national currencies in EuroAsEC member-states for 2007-2012 and International program of issuance and sale of collection coins and precious metals of EuroAsEC countries for 2008-2011 are approved.

During the meeting of the Council of heads of the central (national) banks of Euroasian Economic Community held in Dushanbe the Program of activity of Council of heads for 2007-2008 is accepted, the draft agreement on basic principles of exchange policy of the state-members of the Community on regulation and control of operations connected with movement of the capital is approved.

The Memorandum on Understanding between the National Bank of Tajikistan and the National Bank of Belorussia in banking supervision was signed in the framework of the meeting.

On results of the meeting the heads of the central (national) banks of the countries of EuroAsEC have given the press conference.