Kazakhstan, Russia and Belarus to launch a single banking regulator by 2025

Russia’s First Vice PM Igor Shuvalov. ©RIA Novosti

Member states of the Eurasian Economic Union comprising Russia, Belarus and Kazakhstan are to unify regulation of the banking sectors within a decade, Interfax-Kazakhstan reports, citing Russia's First Vice PM Igor Shuvalov.

"The efforts to launch a single supra-national banking sector regulator will take a decade and are to be complete by 2025", he said when speaking to the Federation Council (the upper chamber). According to him, "there is an agreement for the single regulator to be based in Kazakhstan".