Presenting the document, Chairman of the Executive Committee and Executive Secretary of CIS Yuri Yarov said that today, the importance of CIS member states in the currency and financial sphere is obvious to everyone, including the heads of CIS states. The creation of an integrated currency market will help to increase the effectiveness of interaction between the economies of CIS member states.
The document urges the governments and the central (national) banks of CIS states to "assist in forming the legal and organizational environment for the effective functioning of the integrated currency market of CIS states".
The Interstate Currency Committee is to coordinate measures aimed at implementing the adopted decision.
The document was prepared by the International Association of Exchanges of CIS Countries (IAE CIS) and the Moscow Interbank Currency Exchange (MICEX) following the decision made by the Economic Council of CIS of 20 December 2002. It was approved by the Interstate Currency Committee and submitted to the Council of the heads of the governments of CIS by IAE CIS and the MICEX jointly with the Executive Committee of CIS.
Integrated currency market - the association of national regulated currency markets (national exchanges), through which participants in trades can conclude conversion transactions involving currencies of CIS states on the regulated market.
The International Association of Exchanges of CIS Countries was established in Moscow in 2000 to coordinate efforts aimed at developing regulated financial markets in accordance with international standards. IAE CIS includes 20 leading currency and stock exchanges from 10 CIS countries, which play key role in servicing mutual financial turnover, transactions involving currency, government securities and shares of companies.
