The head of the Central Bank of Kazakhstan, Grigoriy Marchenko, called on the authorities of Belarus and Russia to coordinate monetary policy within the Customs Union to avoid the "acute one-sided" devaluation. "If we move towards Common Economic Space with Russia and Belarus, we need a consistent monetary policy," he said.
The head of Kazakhstan’s central bank said that Kazakhstan had been forced to twice weaken the tenge rate for 16 years «not for internal reasons, but as a result of sharp devaluations in neighboring countries,» reports Bloomberg.
Grigory Marchenko also urged Belarus and Russia to coordinate their fiscal program to avoid the development of the situation on the European example, when there are inconsistencies between the adoption of common financial programs and different approaches to the expenditure of funds in the currency bloc.
