NATIONAL BANK OF THE REPUBLIC OF BELARUS

The National Bank is a Government Agency and the Central Bank 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

+375 17 2192303, 2192242 (Foreign Economic Activities)
Telefax: +375 17 3274879, 3275094, Telex: 252449 BELAR BY,
S.W.I.F.T.: NBRB BY2X, Reuters: NBRB

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.

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 the Statute of the National Bank of the Republic of Belarus  and shall be independent in its activities.

The National Bank shall be accountable to the President of the Republic of Belarus.


The accountability of the National Bank to the President of the Republic of Belarus, means, 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 Chairperson 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 audit organization to examine the annual accounting reports (financial statements) of the National Bank; and
  • the President of the Republic of Belarus approves the annual report of the National Bank.

The main objectives of the National Bank shall be as follows:

  • ensuring price stability;
  • maintaining the stability of 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 Coat of Arms 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".

The National Bank comprises the main office, organizational units.

The main office of the National Bank is located at the following address:
20, Nezavisimosty Ave.,
220008 Minsk, Belarus


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, unified monetary policy of the Republic of Belarus in the manner prescribed by legislative acts of the Republic of Belarus;
  • perform transactions required to attain the main objectives of the National Bank;
  • act as the lender of last resort with respect to banks and provide refinancing thereof;
  • issue money;
  • issue the National Bank's securities;
  • create the gold reserve stock and precious stones fund 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;
  • establish, in consultation with the President of the Republic of Belarus, gold and foreign exchange reserves and manage them within the scope of its authority;
  • carry out foreign exchange regulation and foreign exchange control in accordance with legislation of the Republic of Belarus;
  • establish the procedures for issuing permissions and submitting notifications required for foreign exchange regulation purposes, as well as issue permissions required for foreign exchange regulation purposes;
  • regulate credit relations;
  • regulate and organize money circulation;
  • act as a financial agent for the Government of the Republic of Belarus and local executive and administrative bodies in the matters relating to the execution of the republican and local budgets;
  • establish banking operations rules and procedures;
  • give consent, in accordance with the procedures laid down thereby, for banks and non-bank financial institutions to engage in securities transactions in cases prescribed by law of the Republic of Belarus;
  • authorize, in accordance with the procedures laid down thereby, banks and non-bank financial institutions to issue securities in cases prescribed by law of the Republic of Belarus;
  • arrange for the activities of banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus” involving the issuance and circulation of the bills of exchange, unless otherwise decreed by the President of the Republic of Belarus;
  • engage in depositary activities in the manner prescribed by law of the Republic of Belarus;
  • set requirements for banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus” regarding execution of transactions involving forward and futures contracts, options, and other financial instruments thereby;
  • regulate relations arising out of pooling monetary funds and/or securities in the bank management fund on the basis of agreements on trust management of the bank management fund and in the cause of functioning of this fund, as well as define essential terms of agreements, procedures for entering into the above-mentioned agreements, as well as the rights, liabilities, and responsibilities of the parties thereto;
  • prescribe procedures for cash and non-cash settlements in the Republic of Belarus, including the limits of cash settlements in Belarusian rubles between the legal entities, their detached units, and independent entrepreneurs;
  • arrange for collection and transportation of cash, precious metals, precious stones, and other valuables;
  • 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 of the Republic of Belarus;
  • 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 procedures for money transfers via the money transfer systems; request the rules of functioning of the systems involved, agreements on participation therein, and other information on the functioning of money transfer systems from banks participating therein; collect, systematize, and analyze information on the transmitted and repaid money transfers, conditions and methods of their performance, and other relevant information in accordance with international agreements of the Republic of Belarus;
  • regulate prices for precious metals and precious stones in carrying out banking operations;
  • regulate the banks’ and non-bank financial institutions’ activities;
  • carry out banking supervision;
  • supervise the activities of joint-stock company “Development Bank of the Republic of Belarus”;
  • establish, in accordance with legal acts of the Republic of Belarus, procedures for state registration of banks and non-bank financial institutions and carry out state registration thereof;
  • license banking activities;
  • monitor financial stability;
  • arrange for the functioning of the payment system of the Republic of Belarus and carry out supervision thereof; ensure the functioning of the Automated System of Interbank Settlements (ASIS), as well as set methods and procedures for fulfilling obligations arising in the course of interbank settlements on operations involving banking payment cards issued by banks;
  • create and develop the single settlement and information space, define the procedures for functioning of the single settlement and information space, as well as establish the rights and responsibilities of its participants;
  • ensure the development of the interbank identification system (hereinafter - the “identification system”), adopt regulatory legal acts governing the identification system’s operation, the rights and obligations of identification system’s participants and procedures for their connection to the identification system, procedures for interaction between participants of the identification system with regard to the provision of information within the identification system, receipt of information from the identification system and use of such information, as well as take other measures aimed at ensuring the functioning of the identification system;
  • ensure implementation of the single state policy in the field of accounting and accounting reports (financial statements) by the National Bank, banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus”, and consolidated accounting reports (financial statements) by the banking groups and banking holding companies;
  • carry out general methodological regulation in the field of accounting and accounting reports (financial) statements at the National Bank, banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus”, and consolidated accounting reports (financial) statements at the banking groups and banking holding companies, as well as exercise other powers in the field of accounting and accounting reports (financial) statements in accordance with legal acts of the Republic of Belarus;
  • develop and approve the national accounting standards and accounting reports (financial statements) and other regulatory legal acts in the field of accounting and accounting reports (financial statements), including governing rules of accounting performed transactions and compiling individual and consolidated accounting and accounting reports (financial statements), which are binding on the National Bank, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus”, banking groups and banking holding companies (excluding individual accounting reports (financial statements) of the head offices of the banking holdings being non-banks and non-bank financial institutions);
  • prescribe for banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus” the reporting forms on their activities and procedures for filling them;
  • compile banking, monetary statistics, financial market statistics, statistics of the balance of payments, international investment position, gross foreign debt of the Republic of Belarus, financial stability statistics, as well as place official statistical data on the official website of the National Bank in the global computer network Internet;
  • analyze the balance of payments and participate in the development of the balance of payments forecast by the government agencies;
  • implement state policy in the field of security guard activities of banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus”;
  • analyze and forecast the trends in the monetary sphere and place corresponding analytical materials on the official website of the National Bank in the global computer network Internet;
  • monitor institutions based on regular surveys conducted with a view to revealing the trends of economic processes and analyzing and forecasting them in conjunction with the monetary policy instruments;
  • prescribe for banks, non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus” mandatory requirements to the safe operation of premises, safety of banking services provision, and protection of information resources and information the distribution and/or disclosure of which is restricted, unless otherwise provided for by legislative acts of the Republic of Belarus;
  • prescribe requirements to the technical capacities of banks non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus”, their branches, organizational units, and remote work places for carrying out banking operations, as well as set technical rates and standards in the field of banking;
  • exercise control over assurance of security and protection of information resources in banks non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus”; give its consent with respect to the nominees to the positions of the heads of security and economic security services and other organizational units performing similar functions (if any) of banks non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus” and set procedures for such approval;
  • prescribe requirements to the reproduction of images of banknotes and coins;
  • form credit histories on the basis of the information on credit transactions provided by the sources of credit histories formation and provide credit reports to the users and entities of credit histories;
  • enter into agreements with central (national) banks and credit institutions of foreign countries;
  • regulate, in accordance with legal acts of the Republic of Belarus, leasing activities and exercise control over compliance with legislation on leasing activities;
  • arrange for the work aimed at improving households’ financial literacy;
  • regulate relations coming out from granting and attracting microloans by microfinance institutions;
  • exercise control over compliance by microfinance institutions with legislation regulating procedures for granting and attracting microloans, including by means of carrying out audits at the National Bank’s offices involving the examining of the documents, reporting forms and other information obtained thereby in line with legislation, without demanding the production of other documents from the microfinance institution (in-house audit);
  • consider, in accordance with legislation on citizens’ and legal persons’ appeals, the appeals of the consumers of services provided by microfinance institutions related to the infringement of rights of these consumers, and gives binding orders to the microfinance institutions on the termination of the infringement of the consumer’s rights;
  • consider, in accordance with legislation on citizens’ and legal persons’ appeals, the appeals of the consumers of services provided by leasing companies related to the infringement of rights of these consumers, and gives binding orders to the leasing companies on the termination of the infringement of the consumer’s rights;
  • consider, in accordance with legislation on citizens’ and legal persons’ appeals, the appeals of the consumers of services provided by banks non-bank financial institutions, and joint-stock company “Development Bank of the Republic of Belarus” in the course of performance of banking transactions related to the infringement of rights of these consumers, and takes measures aimed at protecting these rights in the manner established thereby;
  • establish procedures for selling commemorative banknotes, commemorative and ingot (investment) coins which are legal tender of the Republic of Belarus, as well as cases thereto, by banks;
  • establish procedures for examining authenticity of banknotes upon a natural person’s request;
  • ensure the functioning of the system of centralized exchange of interbank correspondence;
  • establish procedures for building-up the required reserves fund which is placed with the National Bank by banks;
  • carry out control over the activities of banks, non-bank financial institutions, joint stock company “Development Bank of the Republic of Belarus”, joint stock company “Belarusian Currency and Stock Exchange” with regard to its performance of separate banking operations in line with legislative acts, leasing and microfinance companies, including lombards in terms of their activities aimed at attracting and granting microloans, forex companies, the National Forex Center as part of their compliance with the legislation on the prevention of money laundering, terrorist financing and financing proliferation of weapons of mass destruction;
  • establish for the National Bank, banks, non-bank financial institutions, and joint stock company “Development Bank of the Republic of Belarus” the procedures for using the printed forms of securities and documents with a specified degree of protection, as well as the documents with a specified degree of protection;
  • conduct the regulation of operations involving non-deliverable over-the-counter financial instruments initiated by natural and legal persons (activities in the over-the-counter forex market) in line with legislation;
  • control the compliance with legislation regulating the procedures for and terms of activities aimed at carrying out operations involving non-deliverable over-the-counter financial instruments initiated by natural and legal persons (activities in the over-the-counter forex market)
  • organize the conduct of scientific researches on the issues of the National Bank’s activities and the banking sector of the Republic of Belarus; and
  • perform other functions prescribed by the Banking Code of the Republic of Belarus and other legislative acts of the Republic of Belarus.

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; 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.

Board of the National Bank

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

The membership of the Board of the National Bank shall consist of nine persons.

The Chairperson and the members of the Board of the National Bank shall be government officials – employees of the National Bank and may not hold other government offices in other government agencies and may not be affiliated with a political party unless otherwise provided for by the Constitution and other legislative acts of the Republic of Belarus.

Deputies of the Chairperson of the Board of the National Bank shall be appointed (relieved of their positions) by the President of the Republic of Belarus upon the recommendation of the Chairperson of the Board of the National Bank.