Legal Regime Worked Out for CIS Bank-Residents’ Mutual Access to National Currency Markets

Azerbaijan, Baku, 25 October / Trend , corr. N.Ismayilova /There is a good ground to take joint actions for creation of a general currency-financing area in the CIS territory within the 'Cooperation and coordination of CIS member-countries currency sphere' conception, which is carried out by intergovernmental currency committees, Sergey Lebedev, the CIS Executive Secretary, said in Baku. Lebedev attended at the international banking conference of the CIS member-countries "Financial markets of CIS countries: development and integration'.

The documents designed to approach the normative and legal basis of the CIS countries, regulating operation on the financial service markets, to upgrade the foreign economic operations accounting order, formation and introduction of trans border accounting between the CIS countries into practice, payment and accounting systems by use of national currency.

There is a basis for information, analytical and consultative cooperation between central and national banks of the CIS member-countries to monitor the state and development rate of currency markets.

The intergovernmental deal on the legal regime of mutual access of the CIS bank-residents to national currency markets have been worked out.

"This deal determines the legal regime of the mutual access of the CIS bank-residents to their currency markets. The deal was worked out, but steps are necessary to take to come it into force," Lebedev said.

The aim and task of the interaction in the currency and financing sphere is to consolidate national currencies, increase their stability, prevent sharp fluctuation of the rate of exchange, which have a negative affect on trade and economic relations between state and business peoples. The free transport of commodities, capitals, labour force, to raise the protectability of CIS financial markets from outside affections is also very significant.

According to Lebedev, the basic and action program in this direction is the cooperation conception and coordination actions of the CIS countries in the currency sphere, which was approved by the CIS presidents in 2004. The conception envisages stage by stage implementation of a range of coordinated arrangements to develop the cooperation in the currency sphere to 2017. The final object is to establishment of the general currency area and to reach an agreement on collective currency usage.

One of the relevant steps on the way of development of financing and banking systems and integration of currency into the CIS area might establish an international financial centre.

"We need stable financial system, and for this purpose we need to establish regional financial centres, as well as international financial centre, which will take worthy place in the world financial and banking area," Leberdev said.

Establishment of centres will be a practical contribution into deepening of the economic integration of the CIS countries. This approach will permit to moderate the financial infrastructure of the CIS countries, as well as to introduce a tool to attract additional resources -foreign and domestic, to the CIOS countries.

The correspondent can be contacted at: [email protected]

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