NCA suggests to create coalition council with the participation of the representatives of CIS countries to monitor national currency markets

/IRBIS, Jan.25, 00/ - National currency association /NCA/ suggests to create within the association a coalition council with the participation of the representatives of CIS countries to monitor national currency markets, said the general director of Moscow interbank currency exchange, vice chairman of NCA Alexandr Zacharov at the meeting of the representatives of central /national/ banks and interbank currency /stock/ exchanges of CIS countries (PRIME-TASS). He said at this time the coalition council could monitor national markets and issue corresponding bulletins, since coordination mechanisms of national currency markets of CIS countries do not exist now. He also mentioned the necessity of consolidation of the markets for the currencies with limited conversions. Presently, currency markets of CIS countries are dominated by interbank markets. The proportion of interbank markets and exchange markets is 70 to 30. The vice chairman said practically all currencies of CIS countries were traded in interbank market. The major currencies are Ukrainian grivna, Beloussian rouble and Kazakhstani tenge. Zacharov mentioned that number of participants of the currency markets of CIS countries is limited. He emphasized the importance of those trade floors in CIS markets, which have leading technologies that may let to create new markets and instruments. He said MICEX was attempting to create economic working conditions in CIS currency markets. At some point, commissions for currency transactions in currency markets of CIS countries were cancelled, risks were minimized etc by MICEX. Zacharov said national markets were "very closed" at this time.