The Governors of the central banks of Ukraine and the Russian Federation have entered into a co-operation agreement between the National Bank of Ukraine and the Central Bank of the Russian Federation (hereinafter referred to as the Agreement).

In accordance with article 5 of the Agreement, the Interbank Advisory Council of the central banks of Ukraine and the Russian Federation has been established (hereinafter referred to as the IAC).

The main tasks of the IAC are as follows:

to develop co-operation between the National Bank of Ukraine and the Central Bank of the Russian Federation on issues of common concern;

to facilitate interaction between the banking systems of Ukraine and the Russian Federation;

to create favorable conditions for an extended use of domestic currencies to settle international trade between Ukraine and the Russian Federation;

to promote the initiatives related to the implementation of the Agreement.

The First meeting of the IAC took place in Moscow (the Russian Federation) on 10 December 2012. It was co-chaired by Deputy Governor of the National Bank of Ukraine Valerii Prokhorenko and Deputy Chairman of the Central Bank of the Russian Federation Sergii Shevtsov.

At the First meeting of the IAC, the sides discussed the following issues:

signing of the Agreement by the Governors of the National Bank of Ukraine and the Central Bank of the Russian Federation and handing over of the original Agreement that has been executed in the Russian and Ukrainian languages to the Russian counterparties;

Regulation on the IAC was approved by NBU Deputy Governor Valerii Prokhorenko and CBR Deputy Chairman Sergei Shevtsov following discussions;

current monetary policy stance pursued by the central banks of Ukraine and the Russian Federation and the macroeconomic situation in Ukraine;

joint supervision (oversight) of payment systems operating in Ukraine and the Russian Federation;

роль центрального банку в підвищенні рівня фінансової грамотності населення;

development of cooperation between the Moscow Stock Exchange (MSE) OJSC and financial institutions and financial market infrastructures of Ukraine.

At the conclusion of the meeting, the sides signed the Minutes of the First meeting of the IAC and expressed their commitment to implement it and continue cooperation. The sides also agreed to hold the next meeting of the IAC in the first half of 2013 in Kyiv (Ukraine).