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Central Bank: The National Bank of the Republic of Belarus is a Government Agency and the Central Bank of the Republic of Belarus
The National Bank of the Republic of Belarus (hereinafter referred to as the "National Bank") is the central bank and a government agency of the Republic of Belarus operating exclusively in the interests of the Republic of Belarus.

Postal address 20, Nezavisimosty Ave.,
220008 Minsk, Belarus
Business hours 8.30 – 17.30h GMT+2,
Monday – Thursday
8.30 – 16.15h GMT+2,
Friday
Telephone +375 17 2192303, 2192374; 2192242
(Foreign Economic Activities Directorate)
+375 17 2223621
(Correspondent Banking)
Telefax +375 17 2274879, 2275094
Telex 252449 BELAR BY
S.W.I.F.T. NBRB BY2X
Reuters NBRB

 


In performing its activities, the National Bank shall be guided by the Constitution of the Republic of Belarus, the Banking Code of the Republic of Belarus, laws of the Republic of Belarus, regulatory legal acts of the President of the Republic of Belarus, and this Statute and shall be independent in its activities. 3. The National Bank shall be accountable to the President of the Republic of Belarus, the accountability meaning, inter alia, that:

The President of the Republic of Belarus approves the Statute of the National Bank and modifications and/or amendments thereto;
The President of the Republic of Belarus appoints, with the consent of the Council of the Republic of the National Assembly of the Republic of Belarus, the Chairman and Members of the Board of the National Bank, and removes them from their positions notifying the Council of the Republic of the National Assembly of the Republic of Belarus accordingly;
The President of the Republic of Belarus designates an auditor to examine the activity of the National Bank; and
The President of the Republic of Belarus approves the annual report of the National Bank with due account for the opinion of the auditor and the distribution of the National Bank's profit.
The main objectives of the National Bank shall be as follows:

protecting the Belarusian ruble and ensuring its stability, including its purchasing power and the rate of exchange relative to foreign currencies;
developing and strengthening the banking system of the Republic of Belarus; and
ensuring efficient, reliable, and secure functioning of the payment system.
Gaining profit shall not be the main objective of the National Bank.

Status of the National Bank

The National Bank is a legal person having its seal with the State Emblem of the Republic of Belarus and an inscription "Национальный банк Республики Беларусь" (National Bank of the Republic of Belarus). Its full name is:

in Russian – "Национальный банк Республики Беларусь";
in Belarusian – "Нацыянальны банк Рэспублiкi Беларусь";
in English – "National Bank of the Republic of Belarus".
7. The National Bank comprises the main office, organizational units, and organizations.

Functions of the National Bank

The National Bank shall perform the following functions:

develop the Republic of Belarus Monetary Policy Guidelines and pursue, in concert with the Government of the Republic of Belarus, common monetary policy of the Republic of Belarus in the manner prescribed by legislative acts of the Republic of Belarus;
issue money;
regulate money circulation;
regulate credit relations;
arrange for the functioning of the payments system of the Republic of Belarus;
act as the lender of last resort with respect to banks and provide refinancing thereof;
carry out foreign exchange regulation;
establish and exercise foreign exchange control either directly or through the authorized banks and non-bank financial institutions pursuant to legislation;
act as a central depositary of Government and National Bank securities, unless otherwise decreed by the President of the Republic of Belarus;
issue National Bank securities;
act as a financial agent for the Government of the Republic of Belarus and local executive and administrative bodies in matters relating to the execution of the republican and local budgets and advise them on matters related thereto;
give consent for the banks and non-bank financial institutions to engage in securities transactions in cases prescribed by law;
carry out state registration of banks and non-bank financial institutions;
license banking activities;
govern activity of banks and non-bank financial institutions regarding its secure and liquid performance and exercise supervision over such activity;
establish banking operations rules and procedures;
set internal control requirements to be complied with by banks and non-bank financial institutions, bank groups and bank holding companies;
authorize banks and non-bank financial institutions to issue securities in cases prescribed by law;
set requirements for banks and non-bank financial institutions regarding transactions involving forward and futures contracts, options and other financial instruments of the derivatives market;
provide methodological support in the maintenance of accounting records and financial statements in the banking sector, develop and approve accounting and financial reporting methodology for the National Bank, banks and non-bank financial institutions;
prescribe for banks and non-bank financial institutions statistical reporting procedures in format and within the time frame prescribed by law;
develop national financial reporting standards for the National Bank, banks and non-bank financial institutions in line with the international financial reporting standards, and provide them with methodological support in the maintenance of accounting records and financial statements;
prescribe procedures for cash and non-cash settlements in the Republic of Belarus;
perform transactions required to attain the main objectives of the National Bank;
arrange for settlement and/or cash services to the Government of the Republic of Belarus and organizations referred to in paragraph 16 hereof, and other organizations in cases prescribed by legislative acts, as well as to the receivers in bank insolvency proceedings;
arrange for the compilation of the Republic of Belarus balance of payments, including international investment position of the Republic of Belarus, and participate in the production of the balance of payments;
in consultation with the President of the Republic of Belarus, establish gold and foreign exchange reserves and manage them within the scope of its authority;
create the gold reserve stock of the National Precious Metals and Precious Stones Foundation of the Republic of Belarus and manage it on a day-to-day basis within the scope of its authority;
set prices for purchasing/selling precious metals and precious stones in carrying out banking operations;
prescribe procedures for opening and maintaining precious metals accounts by banks and non-bank financial institutions in the Republic of Belarus, as well as the terms and conditions of opening such accounts by residents with banks and other credit institutions outside the Republic of Belarus;
establish, jointly with the State Customs Committee and in consultation with the Ministry of Finance, procedures for imports and exports of precious metals and precious stones in carrying out banking operations;
arrange for collection and transportation of cash, payment instructions, precious metals, precious stones, and other valuables;
exercise control over data security and protection of information resources in banks and non-bank financial institutions;
review and forecast developments in monetary relations, relations in the field of foreign exchange regulation and foreign exchange control, as well as the Republic of Belarus balance of payments and the banking sector in interrelation with the social and economic development of the Republic of Belarus, and publish relevant statistics and analytical and forecast materials in the National Bank's periodical;
enter into agreements with central (national) banks and credit institutions of foreign countries;
exercise methodological regulation of application of information technologies in banking activities;
develop standards and arrange for certification of software and hardware utilized in the field of banking services and technologies;
engage in depositary activities in the manner prescribed by law;
arrange for collection from banks and non-bank financial institutions of the Republic of Belarus information regarding performance of loan contracts, as well as its compilation, processing, and storage; and
perform other functions prescribed by the Banking Code of the Republic of Belarus and other legislative acts.
Monetary Policy Guidelines of the Republic of Belarus

The National Bank shall perform its activities on the basis of the Monetary Policy Guidelines approved by the President of the Republic of Belarus annually.

The National Bank, in concert with the Government of the Republic of Belarus, shall annually submit the country's Monetary Policy Guidelines for the subsequent year to the President of the Republic of Belarus by October 1 of the current year.

The National Bank shall, on a quarterly basis, inform:

the President of the Republic of Belarus and the Government of the Republic of Belarus on the volume of currency issue and on implementation of the Republic of Belarus Monetary Policy Guidelines. The relevant information for the last quarter of the year shall be reported by as part of the annual report of the National Bank; and the President of the Republic of Belarus on the size of gold and foreign exchange reserves established in line with objectives and tasks stipulated in the Republic of Belarus Monetary Policy Guidelines.
The Board of the National Bank

The Board of the National Bank shall be the governing body of the National Bank - a collective body that establishes key areas of activities of the National Bank and administers and governs it.

The membership of the Board of the National Bank shall be decided by the President of the Republic of Belarus.
 

Source: http://www.nbrb.by
 

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