The Eurasian Development Bank (EDB) hosted a roundtable last week on opportunities in the foreign exchange market for members of the Eurasian Economic Space in the Kazakh city of Almaty.
Participants, including representatives of leading Kazakh banks, the Moscow Exchange and EDB researchers, discussed the creation of an integrated foreign exchange market for member states.
"The search for arguments for the integration of financial markets is in the past," Ella Baibikova, the head of the EDB research department, said. "An integrated financial market of the EES countries will make it possible to raise financial resources to support businesses and ensure a balanced position in competition with developed global and regional financial centers."
The roundtable was held as the Moscow Exchange expands access for Eurasian banks to its foreign exchange auctions. The exchange also granted a trader certificate to Kazakhstan's first participant--AsiaCreditBank.
Established in December 2011, the Moscow Exchange is the largest exchange in Russia and Eastern Europe.
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