Board of the Eurasian Economic Commission endorses project of agreement about coherent approach to regulation of currency, legal relations and adoption of measures of liberalisation

Board of the Eurasian Economic Commission endorses project of agreement about coherent approach to regulation of currency, legal relations and adoption of measures of liberalisation

The document is directed primarily at ensuring the freedom of movement of money resources of residents. It determines a broad list of currency operations conducted by residents of states-members of the Eurasian Economic Union, in respect of which the sides don’t employ currency restrictions.
Besides, the document foresees the opportunity for residents of states-members of the EAEU to open free accounts (deposits) in foreign and national currencies in designated institutions of other state-member of the EAEU, and to conduct operations in accordance with the procedure established by legislation of the state. The project of the agreement foresees the harmonisation of standards of liability for breaches of legislation in the area of currency regulation and control.

During work on the document, several consultations of the sides have been held, resulting in the approval of transitional provisions for Belarus. Currently it is directed at intrastate co-ordination.