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Marchenko: Customs Union will not impact Kazakhstan's monetary policy at early stages

ALMATY. November 18. KAZINFORM /Yekaterina Ionova/ At the early stages the Customs Union together with Russia and Belarus will not influence Kazakhstan's monetary policy, Kazinform cites Grigory Marchenko, Chairman of the National Bank. He said this during an online conference at Bnews portal in Almaty today. According to Marchenko, everything depends on further development of the relations among our countries. "If we experience closer relations and coordinate our tax and economic policies we will be able to move toward coordinated financial policy and to single supranational currency", he said. The chief banker gave an example of the European Union which had concentrated its efforts on cooperation in economy since 1950. "After then it moved to cooperation in finances, a European Central Bank began functioning and imitation of the currency was started", he explained. Coordination of monetary policy is a final stage of integration among the countries. "It is impossible to avoid all processes and introduce single supranational currency at once", G. Marchenko noted. After all macroeconomic parameters are adjusted (which will take about five years) a supranational institution which will focus on coordination of monetary policy can be established. A supranational central bank will be created on its ground and only after then non-cash currency and currency in cash will be imitated. "All those processes in Europe took several decades. Kazakhstan can spend only in 7-8 years for it. However, no practical steps in this direction were made still", Marchenko highlighted.


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