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Financial system of Belarus

The financial and credit system of the Republic of Belarus comprises the budget segment, the banking system, and financial assets of extra-budgetary funds, enterprises, institutions, organisations and citizens. A unified budgetary and financial, tax, money and credit and currency policy is implemented within Belarus. The national currency is the Belarusian Rouble. The function of management, planning and forecasting in the financial sphere is performed by the Ministry of Finance, the Ministry of Economy and the National Bank of the Republic of Belarus.

Banking system of Belarus

The banking system of the Republic has two levels. It consists of the National Bank of the Republic of Belarus and other banks, among which are banks with foreign capital and subsidiaries of foreign banks registered on the territory of Belarus.

The National Bank of the Republic of Belarus

 

The National Bank of the Republic of Belarus is the first level of the banking system of the country. It performs the following functions: state registration and regulation of the activity of banks, licensing of banking, regulation of credit relations and monetary circulation, determination of settlement procedures and the exclusive right to currency emission. The National Bank is responsible for co-operation with the International Monetary Fund, and also forms part of the Group of Banking Supervisors from Central and Eastern European Countries — BSCEE Group.

The second level of the banking system of Belarus comprises commercial banks and non-bank credit and financial organisations. As of February 1st, 2016, the banking sector of Belarus comprised thirty commercial banks (not taking into consideration the Development Bank), in addition to two non-bank credit and financial organisations. As of February 1st, 2016, the legal capital of Belarusian banks amounted to Br81 trillion.

The major banks in this category are:

  •     Belarusbank
  •     Belinvestbank
  •     Belagroprombank
  •     Technobank
  •     MTBank
  •     Priorbank
  •     Belarusian National Bank
  •     BPS-Sberbank
  •     BSB
  •     Moscow-Minsk
  •     Paritetbank
  •     Idea Bank

Foreign capital in the banking system of Belarus comes from Russia, Austria, Cyprus, the UK, Ukraine, the Netherlands, Luxembourg, Kazakhstan, Switzerland, Iran, Latvia, Ireland, the USA, and the Czech Republic, among other states.

A number of representative offices of foreign banks operate within Belarus, including Commerzbank AG (Germany), AB Bank SNORAS (Lithuania), Rietumu Banka JSC (Latvia), Trasta Komercbanka JSC (Latvia), and UniCredit Bank CJSC (Russian Federation). Belarusian banks also have their representative offices abroad: Belagroprombank OJSC has a representative office in Italy and Belarusbank OJSC has one in China.

 

Belarusian stock market

The main agency of the stock market of the Republic of Belarus is the Belarusian Currency and Stock Exchange. Such public authorities as the National Bank of the Republic of Belarus, the Finance Ministry of the Republic of Belarus, the Committee for Securities of the Republic of Belarus, and the Republican Central Depository of Securities of the Republic of Belarus are responsible for the development of this stock market. The country has a well-developed information and analytical system, covering the results of the circulation of securities issued in the country, information on the activity of issuers and participants of the market of securities, and news on the stock and financial markets of the Republic of Belarus.