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Russia, Belarus agree to synchronize macroeconomic policy, harmonize monetary policy
MOSCOW/MINSK. Sept 10 (Interfax) – Russia and Belarus have agreed to synchronize macroeconomic policy and harmonize monetary policy and macro-prudential regulation, their prime ministers said following a meeting of the Union State’s Council of Ministers.
The meeting approved he main areas for implementing provisions of the Union State treaty 2021-2023 as well as 28 programs to strengthen integration.
Belarus and Russia agreed on the mutual admission of banking and insurance organizations to the financial markets of the Union State. Financial markets will be integrated in the framework of an agreement between the central banks on the principles of harmonizing monetary policy, to be signed by December 2022.
The purpose of the agreement is to achieve a comparable and sustainably low rate of inflation, and create similar financial conditions for businesses in both countries.
The countries agreed to harmonize the rules for residents to open accounts with non-resident banks and carry out foreign exchange transactions, as well as requirements for repatriating foreign exchange recceipts.
The regulation of credit and non-credit financial organizations will also be harmonized, as will the financial market as a whole, ensuring uniform principles for deposit insurance. Regulation of the market for leasing organizations and microfinancing institutions, requirements for Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) will be harmonized in the same way for the financial sector.
The integration of payment systems is also envisaged, including in the field of national payment card systems, systems for the transmission of financial messages and settlements, implementation of the ISO 20022 international standard for financial messages, a system of rapid payments, the development of financial technologies, and harmonized approaches in the supervision and monitoring of payment systems.
The harmonization of requirements concerning protection of the rights of consumers of financial services and investors, as well as prevention of unfair practices in the financial market is envisaged. The sides will draft proposals for the harmonization of the legislation of the two countries to ensure equal protection of rights for consumers of financial services using the same financial services.
