Central Bank Governor calls for a more concerted currency policy within the Customs Union

Kazakhstan’s National Bank believes it necessary for the Customs Union member states to work out a more concerted currency policy, Novosti Kazakhstan reports. “There should be a common currency policy strategy for the Customs Union member states”, Kazakhstan’s Central Bank Governor said at a press-conference in Almaty November 9. He reminded that he had already voiced respective suggestions and the work had begun in this direction. When speaking of the importance of a single policy, Mr. Marchenko pointed to the substantial difference in volatilities of national currencies of the Customs Union member states against the US Dollar. “In Russia volatility stands at +/- 20%, whereas in Kazakhstan it makes up +/- 2%. I don’t mean our strategy is more correct or that the Russia’s strategy is more correct. I just say that we need to cooperate more closely and concert our currency policies. When two nations join a Customs Union, with volatility of their currencies standing at +/- 20% and +/- 2% respectively, it’s not quite right”, Mr. Marchenko elaborated.