«We see a serious distortion in the exchange rates between our national currencies, which are set through cross rates against the U.S. currency,» the Prime Minister of Kazakhstan, Alikhan Smailov, said at a meeting of the Eurasian Intergovernmental Council in an expanded format.
According to him, this year the countries of the Eurasian Economic Union faced a serious rise in prices, primarily for food products. Over the six months of 2022, prices in the EAEU increased by 12.9 percent.
«It should be noted that national currencies are widely used in mutual trade at the current level of our integration. But exchange rates are determined through cross rates against the U.S. currency. This has a tangible impact on trade and inflationary processes in our countries. I believe it is necessary to hold consultations of the central banks of our countries to discuss the formation of exchange rates of national currencies and make proposals by the next meeting of the Intergovernmental Council,» Alikhan Smailov said.
