On the Formation of Currency Rates within Countries of the Eurasian Economic Union: Tenge and Russian & Belarusian Rubles

Taking into account the plans for the convergence of the Eurasian Economic Union countries, it is important to analyze the specifics of the currency exchange rate formation in Russia, Belarus, and Kazakhstan in the perspective of the transition to a joint currency area. The currency rate affects the world economy and, at the same time, depends on its conjuncture. Therefore, an understanding of the key influencing factors could make it possible to achieve monetary policy objectives more accurately and assess the risks associated with decisions in this area. This study proposes a research-based systematization of factors influencing exchange rates of currencies. An econometric model for constructing currency exchange rates of the Eurasian Economic Union countries has been proposed. It is based on the key concepts of stochastic process economics. The model is universal enough and could be used for the analysis of the currency exchange rate formation in any country. (C) 2021 INT TRANS J ENG MANAG SCI TECH.