On the Meeting of the Interbank Currency Council

During the meeting of the Interbank Currency Council in Brest, Elvira Nabiullina, the Governor of the Central Bank of the Russian Federation, and Nadezhda Ermakova, the Chairperson of the National Bank of the Republic of Belarus, discussed topical issues of bilateral cooperation, particularly implementation of monetary policies in two countries and encouragement of foreign trade settlements in national currencies.

The issues of the international reserve development and foreign exchange liquidity of the Republic of Belarus and the Russian Federation in reliance on the definitions used in the framework of the IMF Special Data Dissemination Standard were brought up at the meeting.

Besides, the performance of banking systems in 2013 was discussed, principal indicators of bilateral balance of payment of the Republic of Belarus and the Russian Federation as well as the balance of payment of the Union State for the year 2013 were considered.

The parties also shared information on the national practices of delegating the central banks with additional regulatory, control and supervisory functions over non-credit financial organisations, agreed on the prospects of further cooperation in sharing best practices and studying the specifics of central banks’ functioning considering their status of mega-regulators.

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03.06.2014 00.00.00