The World Bank will assist Belarus in reforming the financial sector. WB representatives met with Belarusian colleagues June 26 to discuss the issues of integrated financial sector supervision. The National Bank of Belarus will acquire the status of a mega-regulator. A project to expand its functions is already at an advanced stage.
It was the Belarusian head of state who instructed to create a single body to regulate the financial market in his annual address to the nation and the parliament. The National Bank will now control the insurance and stock markets besides the banking sector.
This project will allow assessing and reducing risks and ensuring the stable and dynamic development of the financial sector.
Pavel Kallaur, chairman of the National Bank of the Republic of Belarus:
The supervision is one of the key issues of the regulation of the financial sector.
In addition to the regulation of the banking sector, the National Bank will get powers to regulate the insurance and stock market.
Fernando Montes Negret, head of the center of the financial sector of the World Bank in Vienna:
It is very important that Belarus begins to build the architecture of the financial sector. We welcome any initiative aimed at developing the financial sector and the organization of supervision over it. It is necessary that this oversight be effective. We are ready to offer help to reform the financial sector of the Republic of Belarus, to ensure its stability.