On the Main Tasks and Strategic Initiatives of the National Bank of the Republic of Belarus
The National Bank plans its activities in accordance with its main goals defined by the Banking Code of the Republic of Belarus and the Statute of the National Bank. The planning system includes the formulation of the main tasks for the current year, the implementation of which is aimed at creating favorable conditions for sustainable inclusive economic growth by dint of quantitative and qualitative development of the monetary sphere, the banking sector and the payment system.
The main tasks of the National Bank are prioritized and structured. The first-level tasks are determined taking into account the current problems of economic development of the Republic of Belarus, have a complex character and reflect the priorities of the National Bank’s activities within the planning period. The correlation of the first-level tasks with the objectives of the National Bank’s activities is carried out proceeding from the predominant direction of the effects achieved.
The second-level tasks are formed using the method of decomposition of the first-level tasks and reflect the approaches to the implementation of the latter. As a rule, several tasks of a lower level correspond to the first-level task. In this case, setting of each task of the second level is accompanied by the development of monitored indicators, assignment of the task to the National Bank’s structural units. This ensures the coordination of the activities of all units of the National Bank, as well as the linkage between strategic and operational planning at the central bank.
The achievement of indicators characterizing the solution of the second-level tasks, in turn, is taken into account in key performance indicators of managers and other employees of the National Bank’s structural units. This forms a system of responsibility for the implementation of the plans adopted by the central bank.
The working document of the current period, in which the hierarchy of objectives and tasks is represented, is the Map of the National Bank’s main tasks for 2018 (attached).
Along with the current activities of the National Bank’s structural units, achievement of its main objectives can be ensured through the implementation of strategic initiatives*.
The strategic initiative is considered as a set of programs, projects, measures and actions aimed at the achievement by the National Bank of its main objectives at a qualitatively higher organizational, managerial and technical level. Distinctive features of the strategic initiative are its novelty, medium- and long-term nature of implementation, scale and organizational complexity. Strategic initiatives are interlinked with other tasks being tackled by the National Bank to achieve the main objectives. At the same time, they imply the need for cooperation between the National Bank’s units and third-party organizations.
When implementing a strategic initiative, the use of methodologies and tools of project management is allowed, which is carried out at the National Bank on a centralized basis. As the strategic initiative matures, some of the actions and measures can be formalized as second-level tasks assigned to the structural units.
* Currently, the National Bank is in the process of forming a portfolio of strategic initiatives.