Eurasian Economic Union | National Bank of Kazakhstan

Consultative Committee on Macroeconomic Policy

Advisory Committee on Macroeconomic Policy with the EEC Board was established with a view to provide consultations with the representatives of the EAEU member states; to prepare opinions and proposals to the EEC Board and to elaborate a concerted stance regarding the draft resolutions of the Supreme Eurasian Economic Council.

The Committee Regulation was approved by the EEC Board’s resolution dated 16 August 2012 No. 130.

The kea areas in the Committee’s operations include:

devising common approaches in the macroeconomic policy implementation
harmonizing legislation of the EAEU member states in the field of economy and finance
designing main macroeconomic policy anchors
preparing regulations that are focused on ensuring a sustainable economic development of the EAEU member states and implementing a coordinated macroeconomic policy
communication between the competent authorities of the EAEU member states with a view to monitor their economic development
applying the legislation of the member states in the field of the macroeconomic policy within the EAEU legal framework.

Sergey Glazyev, the EEC Board member (the Minister) in charge of key areas of integration and macro economy, shall preside at the Committee’s sessions and exercise general guidance of the Committee.

Member of the Committee from the National Bank of Kazakhstan is Deputy Governor Akylzhan Baimagambetov.

Consultative Committee for Statistics

The main objective of the Consultative Committee for Statistics (the Committee) is to elaborate proposals for the decision-making by the EEC in the field of statistics by providing consultations with the competent authorities of the member states of the Customs Union and the Common Economic Space.

Sergey Glazyev, the EEC Board member (the Minister) in charge of key areas of integration and macro economy, shall be the Committee’s Chairpeson.

The Regulation on the Committeе was approved by the EEC Board’s resolution dated 16 August 2012 No.129.

The kea areas in the Committee’s operation include:

ensuring a transition to the common statistical standards, classification and methodology that are comparable at the international level;
designing programs for improvement of statistics;
harmonizing legislation in the field of statistics;
providing data to the EEC according to the approved list of statistical indicators;
fine-tuning communication among the competent authorities of the parties.

Member of the Committee from the National Bank of Kazakhstan is Director of Department of the Financial Market Statistics of the National Bank of Kazakhstan Korlan Jakambayeva.

Advisory Board on Foreign Exchange Policy

The Council is a consultative and advisory body of the central (national) banks of the EEC member States. The main purpose of the Council is to exchange up-to-date information included in the mandate of the national (central) banks of the EAEU member states.

The executives (Governor or Deputy Governors of National Bank of Kazakhstan) takes part in the work of the Council on behalf of the National Bank of Kazakhstan.

The next meeting of the Advisory Council on Monetary Policy is scheduled to be held in the 3rd quarter of 2022 in Nur-Sultan, Kazakhstan.

The Agreement on Coordinated Approaches to Regulation of Legal Relationships on the Currency Matters and on Adoption of Liberalization Measures

This agreement was developed in accordance with paragraph 4 of Article 64 of the EAEU Treaty and defines the approaches to regulation of currency relations and liberalization measures in the EAEU member states, including alignment of the legal conditions for conducting currency transactions on the territory of the EAEU.

The Agreement is aimed at:

1) formation of a closed list of currency transactions between residents of the EAEU member states in respect of which the Parties do not apply currency restrictions;

2) non-application by the Parties in respect of currency transactions between residents of the EAEU member states of the requirements for obtaining permits (licenses) and the mandatory sale of foreign currency;

3) harmonization of requirements regarding the repatriation of funds by residents;

4) harmonization of norms on liability (administrative and criminal) for violations of the currency legislation of the EAEU member states.

The draft agreement is planned to be concluded on behalf of the governments and central (national) banks of the EAEU member states.

Currently, the National Bank of Kazakhstan is working on domestic approval of the draft Agreement.