EurAsEC central banks to continue easing exchange rate fluctuations in 2014
MINSK. Oct 22 (Interfax) - The central banks of the Eurasian Economic Community (EurAsEC) intend to maintain the continuity of monetary policy in 2014 in order to ensure the balanced development of national economies, a spokesman for the National Bank of Belarus told Interfax.
He said the council of EurAsEC central bank governors agreed on this at a meeting in Grodno at the end of last week.
"The priority goals of the monetary policy being pursued by EurAsEC central banks at the moment are lowering inflation, supporting price stability, and ensuring the safe operation and sustainable development of banking systems," the NBB spokesman said.
EurAsEC central banks believe it is important in 2014 to maintain the continuity of monetary policy, and a strategic focus on supporting price stability and ensuring the balanced development of their economies.
The central bankers noted at the meeting that EurAsEC countries use similar principles for setting exchange rates for their national currencies. Intervention by the central banks is intended to ease sudden fluctuations in exchange rates and does not affect the formation of the general trend.
The central bankers also looked at the state of the balances of payments and changes in the international reserves of EurAsEC countries, experience in reforming pension systems and work on social security for workers, the use of electronic money and mobile payments within the economic community, and the creation and operation of unified processing centers.
The central bankers signed a memorandum on EurAsEC countries adopting recommendations for lending institutions that transfer money to foreign countries for private individuals without opening a bank account.
"The recommendations are based on principles developed by international organizations and are consistent with the latest international practice, compliance with which will promote the creation of favorable conditions for increasing the accessibility and efficiency of money transfer services," the NBB spokesman said. The document will make it possible to provide quality services to individuals by increasing their knowledge of the content and cost of money transfer services and related risks, taking into account the particulars of national laws, he said.
The EurAsEC council of central bank governors, established in February 2001, coordinates the actions of central banks on issues of monetary policy, the interaction of national banking systems, payment and settlement relations, exchange rates and convertibility of national currencies, currency regulation and control and other issues.