Eurasian Economic Union
The representatives of the National Bank are regularly involved in the activities of the following committees and working groups within the framework of the Kyrgyz Republic membership in the Eurasian Economic Union (hereinafter referred to as the EAEU):
1. Consultative Committee for Macroeconomic Policy
The Consultative Committee for Macroeconomic Policy is a body under the Board of the Eurasian Economic Commission. It includes the deputy ministers of the authorized bodies with the competence with includes the regulation issues in the field of economics and finance, as well as the deputy chairmen/members of the council of the national (central) banks in the member states of the Eurasian Economic Union (hereinafter referred to as the EAEU).
The objective of the Consultative Committee is to prepare opinions, proposals, recommendations and advice on implementation of a coordinated macroeconomic policy within the EAEU.
The Chairman of the Consultative Committee is a member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission. The meetings of the Consultative Committee are held whenever required, however at least once every six months.
The regular XVI meeting of the Consultative Committee was held on March 31, 2021 in the virtual format. The draft Regulation “On the Consultative Committee for Macroeconomic Policy” and the draft Basic Guidelines for Macroeconomic Policy of the Member States of the Eurasian Economic Union for 2021-2022 were approved at the meeting. The results of monitoring of macroeconomic indicators that determine the sustainability of economic development in the EAEU member states and the proposals on research topics for 2021-2022 were also considered during the meeting.
2. Consultative Committee for Financial Markets
The Consultative Committee for Financial Markets was established by Decision No.199 of the Eurasian Economic Commission Board dated October 25, 2012.
The main activity of the Consultative Committee for Financial Markets is the regulation of financial markets of the Member States of the Eurasian Economic Union, foreign exchange regulation and foreign exchange control in accordance with Articles 64 and 70 of the Treaty on the Eurasian Economic Union as of May 29, 2014.
The main tasks of the Committee are:
1) Drafting of recommendations for the Eurasian Economic Commission on the harmonization of the legislation of the Member States in the field of financial markets (in banking sector, insurance sector and in sector of services in the securities market), approximation of the legislation of the Member States regulating foreign exchange legal relations, and adoption of measures to their liberalization;
2) Holding consultations with the representatives of the Member States on regulation in the areas of financial markets, foreign exchange regulation and foreign exchange control;
3) Formulation of proposals for the Commission to create favorable conditions for the expansion of mutual trade in financial services, investment activities in the territory of the EAEU states and the formation of a common financial market of the EAEU.
The following working groups are operating within the framework of this Committee:
- On harmonization of the EAEU member states legislation in the financial sphere
The National Bank takes part in development of the harmonization plan to bring closer the legislative requirements in the banking sector, insurance sector, and in the securities market sector by 2025.
- on the issues of currency control and currency regulation
The National Bank is involved in development of the draft Agreement on coordinated approaches to regulate the foreign exchange legal relations and to adopt liberalization measures
- on the issue to organize interaction between the EAEU member states on exchange of the information being part of credit records
The National Bank is involved in development of a draft Agreement on interaction between the EAEU member states on exchange of the information included in credit records.
3. Consultative Committee for Statistics
The Consultative Committee for Statistics is an advisory body under the Board of the Eurasian Economic Commission. The Consultative Committee considers the issues of formation and distribution of the EAEU official statistical information. In particular, it operates in the field of financial, monetary statistics, as well as the statistics of foreign and mutual trade and statistics of the external sector.
The last meeting of the Consultative Committee was held on April 14, 2021. The following issues were discussed at the meeting: ensuring responsibility for failure to provide statistical data in accordance with the national legislation of the member states, developing the methods to assess the impact of obstacles on the mutual trade between the member states, ensuring the conversion of the mutual trade indicators according to the member states official data from the national currencies to the Russian rubles and the measures to digitize the EAEU statistics in 2021, as well as the measures to study the COVID-19 impact on monitoring and achieving sustainable development goals in the EAEU region.
4. Working Group on Coordination of National Payment Systems
Was established in accordance with the Agreement for establishment of a working group on coordination of national payment systems between the National Bank of the Republic of Belarus, the National Bank of the Republic of Kazakhstan and the Central Bank of the Russian Federation signed in 2015. The Central Bank of the Republic of Armenia and the National Bank of the Kyrgyz Republic joined the aforementioned Agreement during 2016.
The Working Group takes measures to develop cooperation in the following areas:
- National payment card systems;
- Implementation of ISO 20022 standard;
- Transfer of financial messages and settlements;
- Development of financial technologies;
- Cybersecurity support;
- Fast Payments System;
- Implementation of the digital letters of credit, bank guarantees and mortgages.
Work in the aforementioned areas is conducted in accordance with the consolidated roadmap, which is updated annually and approved at the meetings of the working group.
The 9th meeting of the working group was held on April 2, 2021 in the virtual format.