Belarus would like to place bonds on Chinese financial market
Development of the Chinese-Belarusian industrial park and the entry of a Chinese bank into the Belarusian market were discussed April 18 at the Palace of Independence. Belarus President Alexander Lukashenko received the Chairman of the Standing Committee of the National People's Congress Zhang Dejiang.
Alexander Lukashenko signs decree on apartment leasing
Belarus has formed legal conditions for the leasing of houses and apartments. The corresponding decree has been signed by Alexander Lukashenko.
First of all, the document aims to protect citizens. Those who concluded a lease agreement retain the right to be registered as persons in need of better housing conditions.
Belarus' refinancing rate down to 14% from April 19
The National Bank decided to reduce the refinancing rate for the fourth time this year. Starting April 19, the figure will be 14%.
Thus, the regulator notes a decrease in inflation and the stability of the currency market.
It is expected that the rate change will positively influence the banking system and the ordinary citizens thanks to reduced interest on loans.
Institute of Financial Ombudsman to be created in Belarus?
An Institute of Financial Ombudsman is planned to be created in Belarus. In other words, a new institution which will protect consumer rights in financial services. The National Bank of the Republic of Belarus will present the draft of the document in 2017.
This institution operates successfully in more than 50 countries. In relation to the legal process, this institution’s main advantage is its gratuitousness of adjudications and its efficiency.
Belarusian Currency and Stock Exchange extends session for 1 hour
The Belarusian Currency and Stock Exchange extends session for 1 hour.
Now you will be able to know the exact exchange rates in Belarus after 14.00. On March 6, the mechanism of settlements changes essentially.
This will improve the efficiency of transactions and, as a consequence, stimulate the further development of the exchange market in Belarus.
Plastic cards vs cash: What Belarusians choose and why?
There is a tendency to use non-cash settlements in a world and Belarus is no exception. Economists reduce cash payments to a minimum, as it is rather difficult to exchange large denominations in Europe and buy an expensive item in the USA when paying by cash. It is a way to restrain illegal incomes. There are a lot of ATMs in Belarus, but some people still withdraw salaries on the day of receipt.
Belarus' for more active cooperation with Sberbank Group
Belarus President Alexander Lukashenko and German Gref, the Chairman of the Executive Board of Sberbank of Russia, met in Minsk on 12 January to discuss the further development of cooperation.
German Gref has been the head of this Russian financial institution since 2007.
Sberbank remains an undisputed leader of the Russian banking sector.
This company has representation offices in more than 20 countries, including Belarus.
Belarus President hails relations with a number of foreign banks
Terms of attracting foreign investments to Belarus were discussed on December 26. These investments must comply with public interests, said President Alexander Lukashenko.
The Head of State noted that one of the most important channels of credit receipt is the banking sector. In recent years, Belarus has developed business partnerships with a number of foreign banks operating in the country.
Belarus to cooperate tighter with Vnesheconombank
The President of Belarus guarantees the support for Vnesheconombank in Belarus. On December 9, Alexander Lukashenko met with the chairman of the financial structure Sergei Gorkov. The corporation is actively investing in various companies.
In 2016 alone, it granted loans worth more than $230 million.
It is also engaged in exports and is responsible for a number of social projects. As a result of one of such projects in Belarus, 14,000 apartments may be supplied with additional electricity.
Banks to foster Belarus-Russia integration
Belarusian and Russian export projects will get support from an integration platform. On December, Deputy Prime Minister of Belarus Vasily Matyushevsky and representatives of the Russian group of VEB banks signed the relevant memorandum.
This form of cooperation will allow Belarus and Russia to promote joint projects, as well as help Belarusian producers to go on third markets.
Vnesheconombank chairman meets with Belarus President
Alexander Lukashenko has guaranteed support for Vnesheconombank (VEB) in Belarus. On December 8 the President met with the chairman of this financial structure. Since 2016 Sergei Gorkov has headed the corporation Bank for Development and Foreign Economic Affairs.
They are working to support the Belarusian and Russian exports, including to third countries. According to the head of state, the Russian partners can count on support from the government and the National Bank. But the most important thing is to fully implement the agreements reached.
No cyber attacks on ATMs in Belarus in recent weeks, Interior Ministry says
The Interior Ministry has denied the information about new cyber attacks on ATMs in Belarus. This entry was posted in the official Twitter account of the department.
A number of Belarusian media have reported that an international criminal group made remote cyber attacks on ATMs in more than 10 countries. These included Belarus, Russia, CIS countries and the European Union.
The Interior Ministry made it clear that in this case, the media were talking about the details of a crime committed about three months ago.
Belarus' National Bank notes growth in BYN deposits
The Belarus National Bank notes the increase in the number of deposits in the national currency. We are talking about newly attracted deposits, says the NBRB.
Belarusians have opened more irrevocable deposits in the national currency. Irrevocable deposits cannot be withdrawn until the end of the contract. Their share in the deposit portfolio has increased by 170% since the beginning of 2016.
An important factor here is the increased interest rate on such deposits. In irrevocable deposits, it is usually 2-3 points higher.
International Forum on Banking Information Technologies to open in Minsk on October 19
Reduced circulation of paper documents, introduction of digital technologies in the banking sector, as well as use of the Internet for business will be the key themes of the annual forum that will start in Minsk on 19 October.
The largest banks of Belarus will share with colleagues from the CIS their view of the further development of payment systems.
Cash remittances, online purchases, mobile payments and banking cards are technologies with which the majority of Belarusians are already familiar.
Head of Raiffeisen Bank International about Belarus-Austria cooperation
A week ago, the President raised a very important and controversial economic topic in the Oval Hall. The topic was related to the disagreement between Russia and Belarus on gas prices. Everybody has his own truth, but Moscow conceded in the argument. Thus, the gas price is reduced for Belarus, which is fair enough from the point of view of the Eurasian integration. Nevertheless, the location of Belarus makes us look at different sides. For instance, today, Belarus has the same turnover with the EU as it has with Russia.
Control over cashless purchases of Belarusians: reasons for that and people’s reaction
The alarming topic of recent days that was presented as Belarusians’ expenses are under the microscope of the State Control Committee.
According to new instruction 3/336, all cashless payments that exceed 300 BYN will be automatically sent to the State Control Committee.
The majority of people is saying that it’s absurd and that now most of people will pay in cash.
Nevertheless, this regulation existed long before, but it wasn’t a common knowledge.
Belarus' President holds meeting on state of banking sector
Questions of economy and the state of affairs in the banking sector have been reviewed at a meeting held by the Belarus President on 23 August. The Head of State met with the Prime Minister of Belarus, Andrei Kobyakov, and Chairman of the Board of the National Bank Pavel Kallaur.
In particular, Alexander Lukashenko was informed about the situation on the currency market, as well as on cooperation with the World Bank.
Loans in Belarus may cheapen after refinancing rate lowers
The Belarus National Bank has lowered the refinancing rate from 20% to 18%.
This is the fourth decline in the refinancing rate from the beginning of 2016. It is expected that this will lead to cheaper loans. Usually, rate of loans that individuals and legal entities can get depends on the refinancing rate.
European Bank for Reconstruction and Development allocates $20 million to Belarus
$20 million for small business loans: the European Bank for Reconstruction and Development (EBRD) has allocated Belarusian colleagues a syndicated loan.
Among the investors are several financial institutions from Germany and the Netherlands.
Head of the EBRD office in Belarus called the deal a breakthrough agreement, as the parties have moved from words to actions.
Wiktorin: New Belarusian money easier for EU tourists to count
Belarusian banks have carefully studied the experience of a number of European countries in preparation for the July 1 redenomination, said Chairman of the Board of the National Bank Pavel Kallaur. The National Bank officials on July 5 met with the European Union delegation.
The parties discussed the possibility of cooperation in the framework of twinning projects. They are directed at assisting Belarus' Government in work to sync Belarus' legislation with that of the EU. This will affect a variety of spheres.
Can you pay by credit cards in Belarus after redenomination?
Belarus is preparing for the currency redenomination, which will take place on July 1.
The banking system and stores are still working on some technical details that may arise when switching to the new currency, which ISO code will be BYN. The previous BYR 10,000 will now equal BYN 1.
The banking system is ready for the forthcoming redenomination. On July 1 at 8 am, new banknotes and coins will start to be delivered to ATMs, offices, and shops.
By July 1st, new banknotes will reach all corners of the country.
Belarus banking system ready for currency redenomination, National Bank says
The banking system of Belarus is ready for the forthcoming redenomination, said the National Bank June 29. All the banks of Belarus have the necessary funds to operate in conditions of the redenomination, during its first days. On 1 July at 8 am, new money will be delivered to ATMs, cash registers and retail facilities.
Now the Bank is working to identify any possible abnormal situations and technical details that may arise when setting up equipment and cash registers in retail chains.
IMF mission to visit Belarus 21-30 June
On June 21, an IMF mission led by Peter Dolman starts its work in Belarus. It will last until June 30.
The guests are going to get familiar with the nuances of the work of Belarusian economy, as well as to consult with representatives of the Government, the National Bank, the private sector and the scientific community.
Why fast money in Belarus is no longer profitable
Income from money in banks in developed countries is minuscule - less than 1%. However, loans are also cheap. In general, money should work in the economy. One of the ways to do it in Belarus' current situation is to borrow money from the people for a guaranteed long term. Banks offer high interest on these deposits. If people place money only for a short term, they have to pay incomes from the income.
Head of Belarus' National Bank about inflation targets and de-dollarization of economy
Chairman of the National Bank of Belarus was among the senators and discussed socio-economic development plans of the country. During the discussion, he was asked about a recent banking innovation. From 1 April, Belarusians who place money on a bank deposit for a short period will have to pay tax. How did depositors react to this? We asked Pavel Kallaur and he answered much wider, touching on the whole history of the problem, starting from January 2016, when the Belarusian
Legal entities allowed foreign currency operations at Belarusian Currency and Stock Exchange
Legal entities will be able to apply for the purchase and sale of foreign currency at the Belarusian Currency and Stock Exchange. Green light for non-professional market participants will turn on March 21.
Belarusian financial authorities also plan to involve physical persons in the formation of exchange rates. This direction is promising and, according to experts, relevant regulatory documents may appear as early as 2017.
Belarus' National Bank calls on commercial banks to adhere to official exchange rate
The recent slump in the exchange rate of the Belarusian ruble against the major currencies has caused disturbances to businesses and ordinary Belarusians. Partially the fall is due to the external conditions that affect the rate of the Belarusian ruble (BYR).
The National Bank of Belarus has encouraged commercial banks to adhere to the official exchange rate of the Belarusian currency. The essence of the recommendations is that the exchange rate in exchange points does not deviate from the official rate more than 2%.
Belarusian ruble ISO code to change to BYN from 1 July 2016
From 1 July 2016, the Belarusian ruble will change its international designation from BYR to BYN, reports the Swiss Agency for the support of the international standard.
Changes in the international standard ISO 4217 will come into force after the planned redenomination in Belarus.
The Belarusian currency is number 933 and lettering changes from BYR to BYN.
The code BYN consists of BY (the country code of ISO 3166) and N (the first letter of the English word "new").
Kazakhstan marking Independence Day December 16
One of Belarus' strategic partners - Kazakhstan - is marking Independence Day December 16. The nations have made major advances in trade and economic relations: since 2007 the trade turnover has almost doubled.
Alexander Lukashenko congratulated his colleague, Kazakhstan President Nursultan Nazarbayev, on the holiday. Analysts now note high efficiency of joint interstate projects.
Erlan Alimbaev is a banker who has been studying the specifics of the Belarusian market. The bank he manages supports small and medium-sized businesses.
Unified bank identification system to appear in Belarus
A unified bank identification system will be created in Belarus. It is stipulated by the President’s decree, which is designed to simplify the work of banks with clients.
Therefore, once visiting a bank, a client can use remotely services of not only this specific bank, but also services of any other financial institution in Belarus.
This interbank identification system in Belarus will start operating as from 1 October 2016.
Virtual banks in Belarus by 2018
Virtual banks will appear in Belarus by 2018, so that citizens will be able to perform any operation remotely using a mobile phone or a computer.
A single identification system will be established due to the development of the Belarusian IT companies and digital banking technologies. As a result, a consumer will have the opportunity to not only control online his banking history, but also obtain the necessary information or a specialist advice at any time.
MORE: Belarus' banking sector
President reviews Belarus' Development Bank's operation in 2014
President Lukashenko met on March 16 with chairman of the Belarus Development Bank, Sergei Rumas, to discuss the support of small and medium-sized businesses, diversification of supply and the outcome of the bank's operation. Until now, this commercial organization remains the leader in terms of total profit, profit per employee and profitability.
By the end of 2014, the assets of Development Bank increased by 33%. At the same time, the diversification of supplies today remains one of the main challenges.