26 Aug 2022 16:46

EAEU central banks need to seek much-needed equilibrium between national currencies - Kazakh PM

NUR-SULTAN. Aug 26 (Interfax) - The central banks of EAEU member-states need to discuss the disparity between the exchange rates of national currencies, Kazakh Prime Minister Alikhan Smailov said.

Smailov said that today the EAEU countries are faced with rising food prices that jumped by 12.9% over six months.

"Regarding the current level of integration, national currencies are widely used in our mutual trade, but we see a serious disparity between their exchange rates that are converted through cross rates with the U.S. currency. It has a significant impact on trade and inflationary process in our countries," Smailov said at a meeting of the Eurasian Intergovernmental Council on Friday in Cholpon-Ata.

"I believe that the central banks should hold consultations to discuss issues of national currencies and make proposals for the next meeting of the intergovernmental council," Smailov said.