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29 Feb 2016

NBRB to take charge of Belarus Development Bank

MINSK, 29 February (BelTA) – The decision to authorize the National Bank of the Republic of Belarus (NBRB) to regulate the insurance sector and the securities market has been postponed for a year. However, the National Bank will take charge of the Development Bank. The corresponding draft decree was discussed when Belarusian President Alexander Lukashenko heard out a report on the draft decrees concerning the development of the financial market on 29 February, BelTA has learned.

The Finance Ministry will continue regulating the insurance sector and the securities market. At the same time, the President decided to delegate regulatory authorities in this field to the National Bank. A corresponding legal act will be passed if necessary. Plans have been made to work in this regime within a year. Then the issue of authorizing the National Bank to regulate the insurance sector and the securities market will be revised.

The President deemed it necessary to invite the developers of the normative legal acts to the meeting to listen to their opinions regarding the efficiency of the abovementioned measures. Speaking about the draft decree which authorizes the National Bank to regulate the insurance sector and the securities market, Alexander Lukashenko noted that as far as he knows these functions are now successfully performed by the Finance Ministry. In this context, the President asked those present at the meeting about the effectiveness of changes in the system which is well-organized and rather efficient.

The draft decree went through extensive discussion. The sides are using various systems of regulation on the financial market. Belarus will rely on its own experience and needs taking into consideration the current situation. All risks have been considered. The monopoly regulation is not always beneficial. Insurance services are also provided by banks. At present banks and insurance companies compete with each other, it means that customers have a wider range of choices. The National Bank is focused on the development of the banking sector. It is possible that the regulator would prioritize banks in case its authorities are expanded.

As for the Development Bank, it is now performing all functions of banks, except for the provision of services to the population. Therefore, the decision to authorize the National Bank to regulate the activities of the Development Bank of the Republic of Belarus is logical and has been harmonized with all interested parties.

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