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14 Jun 2016

Financial stability council established in Belarus

MINSK, 14 June (BelTA) – A Financial Stability Council has been established in Belarus by the joint executive order of the Council of Ministers and the National Bank of the Republic of Belarus, the press service of the Belarus government told BelTA.

The Financial Stability Council is led by Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur and First Deputy Prime Minister of Belarus Vasily Matyushevsky. The Financial Stability Council includes Economy Minister Vladimir Zinovsky and Finance Minister Vladimir Amarin, First Deputy Economy Minister Alexander Zaborovsky, First Deputy Finance Minister Maxim Yermolovich, NBRB Board First Deputy Chairman Taras Nadolny, NBRB Board Deputy Chairman Dmitry Lapko, and NBRB Board Deputy Chairman Dmitry Kalechits.

The Financial Stability Council is supposed to organize and coordinate interaction between government agencies in monitoring financial stability, including a comprehensive analysis of the factors that influence the continuation of financial stability. The factors include the state of the balance of payments, the consolidated budget, legal persons, households, the state debt, debts of municipal government agencies, the debt secured by the Republic of Belarus and municipal government agencies, the debt of the central bank, debts of commercial banks, enterprises and households.

The Financial Stability Council is supposed to develop and coordinate measures designed to ensure financial stability and the proper operation of banks and non-banking credit and finance institutions, other financial mediators, the financial market and the payment system, including against destabilizing domestic and foreign factors.

Apart from that, the Financial Stability Council will coordinate the operation of regulatory and oversight agencies on the financial market. The Financial Stability Council will also work out schemes for resolving crisis situations on the financial market.

If necessary, the Financial Stability Council will interact with government agencies, interstate, intergovernmental and interbank coordinating and consultative bodies. The Financial Stability Council will also invite specialists of government agencies, other non-for-profit organizations, financial market subjects, researchers and independent experts for consultations.

For the sake of the Council’s operation working committees will be set up. They will comprise representatives of the central bank, the Finance Ministry, and the Economy Ministry. The working committees will be charged with evaluating financial stability and working out measures to ensure financial stability, with working out schemes to resolve crisis situations on the financial markets, with coordinating approaches to regulation and oversight.

Sessions of the Financial Stability Council will be held when necessary but at least two times a year.

The National Bank of the Republic of Belarus will take care of organizing the operation of the Financial Stability Council.

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