National regulator of financial markets in the Eurasian Union will appear only by 2025, Mr Rinat Galitdinov, Deputy Head of Entrepreneurship, Services and Investments Division of the EEC Entrepreneurial Activity Development Department, told Armenian News – NEWS.am.
Harmonization with the national legislation and requirements for the banks, insurance companies and other participants of the financial market must be implemented. For now, the central banks are coordinating with each other the macroeconomic and currency policy, he said.
“For instance, due to such coordination it became possible to close the financial flow through fly-by-night companies into offshore zones, this being done by the delivery of counterfeit goods. Central Bank of Russia has found solutions with the colleagues from Belarus and Kazakhstan, this scheme being no longer enforceable. This is one of the first instances of successful cooperation,” Galitdinov said.
