On November 26th, 2020, the Interstate Bank together with the Eurasian Economic Commission held an annual International Macroeconomic Seminar «COVID-19 Pandemics: World Economy Symptomatic and Treatment?».
The Seminar has commenced with the welcoming remarks by Igor Suvorov, President of the Interstate Bank and Sergei Glazyev, Member of the Board (Minister) in charge of Integration and Macroeconomics. In their speeches, there has been admitted the structural character of the COVID-19 crisis consequences for further economic and social development.
The crisis engendered by the COVID-19 pandemics has catalyzed the structural changes in the world economy, thus, providing a spur for establishing a core for new scientific, technological and world economic paradigm. In this environment, the prompt elaboration of government stabilization measures is as important as never before.
The first group of issues considered during the Seminar has aimed at discovering what “new normal” in the world economy is going to be like and what it might be followed by in the EAEU Member States.
Igor Paunovic, Head of Globalization and Development Strategies Unit at UNCTAD has presented the scenarios of the world economy development in the aftermath of the pandemics. According to him, the recovery in the world economy is much more likely to follow “K” rather than “V” or “U” pattern, i.e. income growth for the wealthiest along with the deteriorated quality of life of those most in need, which is undoubtedly going to result in aggravated inequalities.
Nobuya Haraguchi, Chief of Research and Industrial Policy Advice Division at UNIDO has described the scope of the crisis from the perspective of shifts in industrial value added. “As compared to 2008 financial crisis, during the COVID-19 pandemics, the industrial production experiences sharper decline. Nevertheless, so far, we have witnessed a quicker recovery as well,” – he noted.
The consequent presentations have been focused on the challenges and prospects that the COVID-19 has engendered for the regional integration.
From the perspective of Yaroslav Lisovolik, Valdai Discussion Club Program Director: “Similarly to the independent states, it is not enough for the regional integration associations to continue “business as usual” until the next economic crisis. What is needed is to elaborate the mechanisms of response and cooperation during the crises in advance”.
Lilia Aleksanyan, Asian Development Bank Regional Cooperation and Operations Division Economist (Central and West Asia Department) has shed the light on the peculiarities of economic recovery in the countries of Caucasus and Central Asia, where the fiscal space has already been limited prior to the crisis. Elaborating on the analysis of the pandemics consequences in Asia, Mia Mikic, Head of Trade, Investment and Innovation Division at the UN ESCAP, has highlighted the directions of prospective global value chains reshuffling guided by the aim to improve resilience.
Liudmila Simonova, Head of Centre for Economic Research at Russian Academy of Sciences’ Institute of Latin America has announced the assessments of the deepness of COVID-19 crisis consequences in the region of Latin America and the Caribbean. She has emphasized that the marked differences among the regional integration associations’ member states are evident from the perspective of outcomes’ deepness, nature of the measures, as well as the preparedness to coordinate actions.
Erik Ashimov, Deputy Secretary-General of Shanghai Cooperation Organization has noticed the increased role of intra-SCO cooperation following the outbreak of the crisis. “We admit the significant increase in demand for the SCO as an efficient platform for elaborating joint measures to overcome political, socioeconomic, epidemiological consequences of the pandemics in line with the principles of the Shanghai Spirit”, - he said.
Dmitry Belousov, Head of Analysis and Forecasting of Macroeconomic Processes Section at Center for Macroeconomic Analysis and Short-Term Forecasting, has advocated the thesis that the financial and monetary systems’ regionalization has not been implemented. In the current environment, technological development based on the Member States’ competitive advances is an inalienable prerequisite for ensuring financial sovereignty. The presentations of the closing part of the Seminar have been devoted to the advances in projects on sustainable development. The speakers have highlighted that despite the crisis, the principles of sustainable and responsible corporative policy have been retaining their importance.
Presenting the Interstate Program of Innovative Cooperation among the CIS Countries up to the Year of 2030, Michael Bryuhanov, Deputy Head of Rossotrudnichestvo (Federal Agency for the Commonwealth of Independent States Affairs, Compatriots Living Abroad, and International Humanitarian Cooperation), has characterized the spheres of innovations, information technologies, communication, biomedical technologies, ecology, transport, space research, alternative energetics, and education as the particular spurs for cooperation.
Alexander Averchenkov, Head of the UNDP Office for Support of Partnership in Russian Federation, has informed the participants on the advances of Trust Fund in shortlisting the projects to be implemented in the CIS region. To illustrate, the Trust Fund Council has recently approved nine initiatives, here including the project on strengthening local communities in the selected regions of the Republic of Armenia.
Anna Zolotorevskaya, Head of Sustainable Development Guild at Moscow Chamber of Commerce and Industry has observed that the crisis has not led to the halt in the operations of the First Social Stock Exchange established on the MCCI platform. The Exchange promotes responsible corporate policy via adopting social responsibility criteria while allocating financial resources.
In the concluding presentation, Annette Kyobe, Permanent Representative of the International Monetary Fund in Russian Federation, has designated the most urgent trends and indicators of economic development in the world countries and the EAEU during the pandemics, as well as the IMF economic forecasts update. She has accented that despite the prompt policy response, this is not only the short-run, but middle-run macroeconomic dynamics as well that the crisis might have a deterrent effect on.
Source: Eurasian Economic Commission
Live streaming of the International Macroeconomic Seminar «COVID-19 Pandemics: World Economy Symptomatic and Treatment» will be available on YouTube:
The Seminar will start on November 26 at 11 a.m. (Moscow time; GMT+3)
The Eurasian Economic Commission and the Interstate Bank are holding the international macroeconomic seminar «COVID-19 Pandemics: World Economy Symptomatic and Treatment» on November 26, at 11:00-14:00 (Moscow time; GMT+3).
The international macroeconomic seminar is a regular event devoted to the discussion of the most urgent challenges and risks of the world and regional economic development, as well as the prospective directions of integration deepening within the Eurasian Economic Union.
The participants of the Seminar are supposed to discuss the development of world and the EAEU economics after the pandemics provided, among other factors, the impact the pandemics has had on the opportunities to ensure sustainable development and find new economic growth drivers. The special emphasis on the agenda is placed on the value added chains transformation in the new environment, the shifts in economic policy guidelines, challenges and opportunities for the regional integration.
Live streaming in the original language of the presentations will be available on YouTube: https://youtu.be/S-bVPZdbEYE.
English interpretation of the Russian presentations will follow in recording.
The program of the VII International Macroeconomic Seminar "COVID-19 Pandemics: World Economy Symptomatic and Treatment", which will be held on November 26, 2020, has been updated
On November 26, 2020 the Interstate Bank together with the Eurasian Economic Commission will organize the VII International Macroeconomic Seminar. This is a traditional annual event dedicated to the main trends and forecasts of the world economy, as well as presentations of reports of leading international organizations (IMF, ESCAP, UNCTAD, etc.).
The theme of this year's seminar is "Pandemics in the World Economy: Prophylaxis and Treatment".
The seminar will be held on-line. Please follow the Interstate Bank’s web-site for actual information.
The draft program of the VII International Macroeconomic Seminar.
ACRA affirms BBB+ to Interstate Bank, outlook Stable, under the international scale and AA(RU), outlook Stable, under the national scale for the Russian Federation
On October 28, 2020, the EAEU Business Forum “Integration. Advanced development strategy” was held. Interstate Bank became an official partner of the Forum.
The main topics of the Forum were: plan for overcoming the economic consequences of the structural crisis and anti-pandemic measures. Real measures to support entrepreneurs; implementation of joint measures of the EAEU to overcome the negative consequences of the pandemic; free trade zone - new opportunities; foreign economic strategies and etc.
Representatives of government agencies, integration associations and development, ministries of finance and ministries of economy of the CIS and EAEU countries, diplomatic corps, and academia were invited.
On October 26, the session "The prospects of expanding financial cooperation between the Eurasian Economic Union and the People's Republic of China" was held.
The moderator of the session was Igor Souvorov, The President of the Interstate Bank.
With a welcoming speech a Member of the Board - Minister in charge of Integration and Macroeconomics of Eurasian Economic Commission S. Glazyev appealed to the participants and guests of the session.
Interstate Bank has become a partner of the EAEU Business Forum “Integration. Advanced development strategy”.
The Forum will be held in Moscow ("President-Hotel") on October 28, 2020.
Speakers and representatives of government agencies, integration associations and development, ministries of finance and ministries of economy of the CIS and EAEU countries, diplomatic corps, and academia were invited.
Main topics for discussion:
• Plan for overcoming the economic consequences of the structural crisis and anti-pandemic measures. Real measures to support entrepreneurs;
• Implementation of joint measures of the EAEU to overcome the negative consequences of the pandemic;
• Free trade zone - new opportunities;
• Foreign economic strategies: conjugation of the EAEU and " One Belt One Road", as well as cooperation with ASEAN, MERCOSUR and other associations;
• Implementation of national industrial and infrastructure initiatives as an effective tool to stimulate national economies;
• Infrastructure projects: new opportunities;
• Government measures to support exporters;
• Strategic planning system for the successful operation of enterprises, etc.
We invite you to visit the stand of Interstate Bank at the Forum and get acquainted with the specifics of our activities.
On October 26 - 27, 2020, the forum "Association the Eurasian Economic Union and the Belt and Road Initiative" will be held online.
The President of Interstate Bank Igor Souvorov in the Forum will be a moderator of the session "The prospects of expanding financial cooperation between the Eurasian Economic Union and the People's Republic of China".
The detailed program is available on the website of "Eurasian Economic Commission"
The Interstate Bank has published a statistical compilation “Dynamics of exchange rates of national currencies for January - August 2020”.
You can view the full version here
The Interstate Bank has published a statistical compilation “Indicators of socio-economic, monetary and financial-banking statistics of the CIS Member States in 2019”.
You can view the full version here
Fitch Affirms Interstate Bank at 'BB+'; Outlook Stable
On August 11 th 2020 Fitch Ratings has affirmed Interstate Bank's Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.
Fitch rates the Interstate Bank as a supranational administrative body, given its unique business model as a multilateral settlement institution operating in the Commonwealth of Independent States (CIS) and Eurasian Economic Union (EAEU). Interstate Bank's ratings are support-driven and derived from the rating of its key shareholder, Russia (BBB/Stable).
In Fitch's view, Interstate Bank's financial profile is resilient to negative pressures stemming from the COVID-19 pandemic and oil price shock. The Bank provides cash and settlement services to its clients, both in national currencies of CIS countries and in freely convertible currencies.
In 2019, the Bank's Council approved its strategy through 2023, which envisages greater participation in integration projects and collaboration with central banks.
The Interstate Bank publishes on its website interim condensed financial statements for the six months of 2020 prepared in accordance with the International Financial Reporting Standards (IFRS) with the independent auditor’s report.
The Annual report of the Interstate Bank for 2019 was published on the official web site of the Bank.
Memorandum of cooperation between the Interstate Bank and Interregional Association of Economic Cooperation of the Subjects of the Russian Federation "Far East and Transbaikalia"
The President of the Interstate Bank Igor Souvorov and the Chairman of the Council of the Association, the Governor of Primorye Territory Oleg Kozhemyako have signed a memorandum of cooperation between the Interstate Bank and Interregional Association of Economic Cooperation of the Subjects of the Russian Federation "Far East and Transbaikalia".
The main directions of interaction on the development of international relations between the Interstate Bank and the Association are identified. The memorandum will become the blueprint for mutually beneficial international economic cooperation.
For reference. Interregional Association of Economic Cooperation of the Subjects of the Russian Federation "Far East and Transbaikalia" is a non-profit organization, one of the first interregional associations in Russia.
The founders of the Association are the legislative and executive bodies of the Russian Far East and Transbaikalia regions.
At present the Association unites 11 subjects of the Russian Federation: Amur Region, Jewish Autonomous Region, Transbaikal Region, Kamchatka Region, Magadan Region, Primorye Region, Republic of Sakha Yakutia, Buryat Republic, Sakhalin Region, Khabarovsk Region, Chukotka Autonomous Region
Mr. Martin Galstyan has formally assumed office as Governor of the Central Bank of the Republic of Armenia. He succeeded Mr. Arthur Javadyan, who headed the Central Bank of the Republic of Armenia for 12 years.
Martin Galstyan began working at the Central Bank in 1998. In 2015, he was appointed as head of the Research Center in Dilijan, and since 2018 he has been a member of the Central Bank Board.
ACRA affirms BBB+ of the Interstate Bank, outlook Stable, as per the international scale and AA(RU), outlook Stable, as per the national scale for the Russian Federation
On April 14, 2020 the 60th meeting of the Interstate Bank’s Council was held. The meeting took place by videoconference.
The Council approved the financial statements of the Bank for 2019.
To the 75th anniversary of the Great Victory, the Road of Remembrance Project is being implemented in Russia
ACRA assigns BBB+ to Interstate Bank, outlook Stable, under the international scale and AA(RU), outlook Stable, under the national scale for the Russian Federation
The meeting of the Subcommittee on Payment and Settlement Systems and Technologies Russian Union of Industrialists and Entrepreneurs Commission on banks and banking activity
On February 20, 2020, the first meeting of the Subcommittee on Payment and Settlement Systems and Technologies Russian Union of Industrialists and Entrepreneurs Commission on banks and banking activity was held.
Source: Russian Union of Industrialists and Entrepreneurs
The meeting was chaired by the head of the Subcommittee, President of the Interstate Bank Igor Souvorov.
Source: Russian Union of Industrialists and Entrepreneurs
The President of the Interstate Bank Igor Souvorov took part in a meeting of the Scientific Council of the Russian Academy of Sciences
The participants' presentations of the International Forum «National Currencies of the EAEU Countries: Practical Experience published to the information portal of the Interstate Bank isbnk.info
The participants' presentations of the International Forum «National Currencies of the EAEU Countries: Practical Experience» will soon be published to the information portal of the Interstate Bank isbnk.info
On February 7, the International Forum «National Currencies of the EAEU Countries: Practical Experience» organized by the Interstate Bank was held in Yerevan.
At the opening of the Forum, the President of the Interstate Bank Igor Souvorov, Deputy Governor of the Central Bank of the Republic of Armenia Vakhtang Abrahamyan, Deputy Minister of Economy of the Republic of Armenia Naira Margaryan, President of the Association of Banks of Russia Georgiy Luntovskiy, Executive Vice-President of Russian Union of Industrialists and Entrepreneurs Alexander Murytchev addressed welcoming remarks to the participants and guests of the Forum.
The representatives of the Central (National) banks of the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Russian Federation, the Ministry of Finance and the Ministry of Economy of the Republic of Armenia, the Eurasian Economic Commission, commercial banks and investment companies, industrial and trade companies, the leaders of unions of industrialists and entrepreneurs, currency and stock exchanges of the Republic of Armenia and the Russian Federation, as well as leading scientists of the two countries took part in the Forum.
As part of the Forum, «Moscow Exchange Day in Yerevan», an event for professionals of the financial markets, was held in collaboration with the Moscow Exchange and the Armenia Securities Exchange.
The program of the International Forum «National Currencies of the EAEU Countries: Practical Experience», which will be held on February 7, 2020 in Yerevan, updated
The program of «MOEX Day in Yerevan», which will be held on February 7, 2020 in Yerevan, updated
A memo for arriving at International Forum «National Currencies of the EAEU Countries: Practical Experience» and «MOEX Day in Yerevan», which will be held on February 7, 2020 in Yerevan
The program of the International Forum «National Currencies of the EAEU Countries: Practical Experience» and «MOEX Day in Yerevan» will be updated as soon as possible
Today the Interstate Bank celebrates the 27th anniversary since its establishment. It is on that day when the heads of the CIS member-states signed the Agreement on Foundation of the Interstate Bank.
Promotion of settlements in national currencies of the CIS member-states remains a short- and middle-term priority goal for the Interstate Bank.
We say thank you to all our partners for the long-term cooperation!
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International Forum «National Currencies of the EAEU Countries: Practical Experience» and «MOEX Day in Yerevan»
On February 7, 2020 The Interstate Bank will organize the International Forum «National Currencies of the EAEU Countries: Practical Experience».
Representatives of Central (National) Banks, governments and ministries of the CIS, international associations of the CIS, commercial banks, companies, chambers of commerce and industry, academic circles of the Republic of Armenia and the Russian Federation, as well as other CIS countries are invited to participate in the forum.
In the second part of the Forum, together with the Moscow Exchange and the Armenia Securities Exchange, «MOEX Day in Yerevan» will be organized for professional participants of the financial market.
Location: Building 26/1, Vasgen Sargisyan St., 9 floor, Erebuni-Plaza Business Center, Yerevan, Republic of Armenia. Participation in the Forum is free.
Participants pay for travel and accommodation in Yerevan themselves.
The program will be updated on the website of the Interstate Bank www.isbnk.org.
For participation please contact:
Lyubov Khomyakova, Head of Research and Information Department, Interstate Bank: tel. +7 (495) 228-30-93.
We invite you to participate in the Forum.