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28 Dec 2016

New strategy to guide Belarus’ central bank development in 2017-2020

MINSK, 28 December (BelTA) – The National Bank of the Republic of Belarus (NBRB) has adopted an institutional development strategy for 2017-2020, BelTA learned from the NBRB Information and Public Relations Office.

For the first time the institutional development strategy lays down the mission, the vision, and the medium-term goal for the institutional development of the country’s central bank. The document also formulates tasks, strategic initiatives, ways and methods of achieving institutional development goals. The NBRB Board passed resolution No. 623 on 19 December to adopt the institutional development strategy.

NBRB representatives explained that Belarus’ central bank needs the strategy to improve the strategic planning of the bank’s operation in view of volatile foreign markets of raw materials, financial resources, and commodities as well as the rapid development of information technologies. The institutional development strategy was put together by analyzing cutting-edge strategic planning practices of foreign central banks. A summary of the NBRB’s own experience and internal discussions about what the country’s central bank should be has contributed to the strategy, too.

Major goals are set for the next four years. Ensuring price stability and financial stability is the NBRB’s mission. Bearing the mission in mind, Belarus’ central bank intends to secure a steady success rate while balancing the institutional development along the three main vectors — trust, quality, and effectiveness. The development of the National Bank of the Republic of Belarus will be focused on developing the bank as a government agency that has the authority to carry out its mission, has an optimal organizational structure and highly qualified personnel, and pursues an open, consistent, and understandable policy using instruments and methods that live up to requirements of the modern world.

With a view to achieving these goals the institutional development strategy formulates a number of medium-term strategic initiatives. Among other things the NBRB will work to make the transition from monetary targeting to inflation targeting. Belarus’ central bank will develop and create an effective institutional architecture to ensure financial stability and safe operation of the banking system. The bank will enable favorable conditions for expanding the application of digital technologies and will gradually liberalize foreign currency transactions.

The fulfillment of the institutional development strategy is supposed to help Belarus’ central bank achieve the main goals of the bank’s operation as stipulated by the legislation. In turn, the achievement is vital for securing the balanced growth of the Belarusian economy and for raising living standards of the nation.

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