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Exchange rates of EDB currencies not to be adjusted in absence of external shock

During 2019, in case of absence of additional shocks, primarily geopolitical, no significant adjustments will be made to the exchange rates of the countries of the Eurasian Development Bank (EDB). Macroeconomic review of the bank says.

It is noted that changes in foreign economic conditions that occurred in April-May 2019 had multidirectional signals for the development prospects of EDB countries. On the one hand, uncertainty about the future growth of the world economy and trade has increased. On the other hand, oil prices in recent months have been at a relatively high level, and the monetary authorities of the key developed countries have retained soft rhetoric about future monetary policy measures.

Favorable conditions in the global commodity and financial markets contributed, among other things, to stability in the region’s foreign exchange markets.

«The relative stability of national currencies and a certain decrease in pro-inflation risks have allowed a number of countries in the region to mitigate monetary conditions. According to EDB forecast, an increase in monetary policy rates is projected in Armenia and Kyrgyzstan in the medium term as inflation rises to the set targets,» the review says.