Zhaparov states need to intensify work on dev’t of common EAEU financial market

Bishkek, May 21, 2021 . / Kabar /. At a meeting of the Supreme Eurasian Economic Council (EAEU) via videoconference on Friday, President of Kyrgyzstan Sadyr Zhaparov stated the need to intensify work on the development of a common financial market.

"Indeed, last year has shown that we need to simplify the mutual access to financial markets," he said.

The Kyrgyz president added that the past weakening of national currencies, along with the external inflation on food products, despite the decline in aggregate demand, led to an increase in consumer prices throughout the Union.

"It is proposed to focus on deepening cooperation in the monetary sphere with a more active use of national currencies in mutual settlements. To this end, it is necessary to consider an appropriate effective mechanism to stimulate trade and financial transactions in national currencies of the member states of the Union, including for the purpose of leveling the impact of external inflation on the goods of the "product basket," the Kyrgyz leader noted.

In addition, President Zhaparov noted that a single payment space with the use and integration of national payment systems should be formed in the accelerated mode.

The virtual meeting of the Supreme Eurasian Economic Council (SEEC) was held on Friday.

Honorary Chairman of the SEEC, First President of Kazakhstan Elbasy Nursultan Nazarbayev, Russian President Vladimir Putin, Belarusian President Alexander Lukashenko, Kyrgyz President Sadyr Zhaparov, Acting Prime Minister of Armenia Nikol Pashinyan, Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich took part in the meeting via videoconference.

President of Cuba Miguel Diaz-Canel and President of Uzbekistan Shavkat Mirziyoyev also take part as observers of the EAEU.

Heads of state of EAEU member states have heard a number of reports on the results of work, including the removal of obstacles in the internal market of the Union, on the implementation of the Main Directions of EAEU international activities in 2020 and others.