Russia, Kazakhstan,Belarus to create single financial market regulator

Photo: Russia, Kazakhstan,Belarus to create single financial market regulator / Kazakhstan

Astana, Kazakhstan, April 16
By Daniyar Mukhtarov - Trend:

A supranational body to regulate the integrated financial market of Russia, Kazakhstan and Belarus within the Eurasian Customs Union will be created in 2025, the chairman of the National Bank of Kazakhstan Kairat Kelimbetov said.

"We (a negotiating group of Russian, Kazakh and Belarusian financiers) managed to agree that the harmonization of legislation in the area of financial markets will be carried out until 2025, and an appropriate supranational body to regulate the financial market will created in 2025," he said at a press-conference held in Astana.

However, Kelimbetov stressed that "this will be the regulator, rather than a single central bank."
"That is, it will be the regulator of regulators, which will issue relevant rules in order to harmonize work of our financial sectors," the National Bank chairman said.

Kelimbetov recalled that the Kazakh National Bank is also involved in the preparation of the agreement on the Eurasian Economic Union and is responsible for issues relating to monetary policy and financial markets.

Translated by S.I.
Edited by C.N.

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