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4 Nov 2015

World-level banks to come to Belarus by 2020

 MINSK, 4 November (BelTA) – World-level leading commercial banks will be invited to Belarus by 2020, BelTA learned from Belarusian First Deputy Economy Minister Alexander Zaborovsky during the conference Belarus Economy: At a Tipping Point on 4 November.

The Belarusian First Deputy Economy Minister said: “Working with the European Bank for Reconstruction and Development, we intend to attract leading world-level commercial banks into the national banking industry. In addition to diversifying our banking system the move will increase competition on the capital market.” In his words, the arrival of large private banks, the attraction of the world’s leading financial institutions is one of the keys to restarting healthy economy growth. “The roadmap we are implementing together with the EBRD represents concrete actions that will contribute to it,” he explained.

Alexander Zaborovsky stated that they have already decided to create an overarching agency on the basis of the central bank in 2016 to regulate the financial market. “It is another structural measure of the roadmap of reforms that will allow giving a new impulse to the development of the market of capital and banking financing, which are still insufficiently developed,” remarked the official.

The Belarusian First Deputy Economy Minister stressed that the development of a full-value financial market, step-by-step liberalization of market movement, free purchases and sales of shares of all kinds of enterprises determine the long-term agenda in developing the entire financial sector of Belarus.

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