Business news

MINSK, 25 September (BelTA) – Prospects for bilateral cooperation were reviewed at the 47th session of the Interbank Currency Council of Belarus’ and Russia’s central banks. Taking part in the meeting were Chairman of the Board of the National Bank of Belarus (NBRB) Pavel Kallaur and Bank of Russia Governor Elvira Nabiullina, BelTA learned from the Information and Public Relations Department of the NBRB.

The sides touched upon the key principles and essential parameters of the expected main avenues of the Belarus-Russia monetary policy for 2018, taking into account the economic situation, the progress in the implementation of the monetary policy, Belarus’ and Russia’s foreign asset dynamics and currency liquidity in 2017.

Pavel Kallaur and Elvira Nabiullina took part in the analysis of the comparative dynamics of the implementation of the recommendations of the Basel Committee on Banking Supervision in the two countries. During the session, Russia’s Central Bank and the NBRB signed a memorandum of mutual understanding in banking supervision. The document is meant to help the parties exchange experience and strengthen cooperation in supervision over the stable operation of banking systems.

The sides also exchanged views on the possibilities and fields of the further expansion of the use of national currencies in settlement of accounts between the two central banks basing on the analysis of currency terms of export-import contracts between Belarusian and Russian resident companies.

The Interbank Currency Council of the NBRB and the Central Bank of Russia was established in November 1999. The council is designed to draft interstate banking agreements, unify the legal financial and banking framework to enable equal conditions for the Belarusian and Russian economic entities, and work out recommendations on the development and implementation of a synchronized monetary and currency policy.