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 pdf and shall be independent in its activities


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 organisation to examine the activity 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:

  • protecting the Belarusian ruble and ensuring its stability, including its purchasing power and the rate of exchange relative to foreign currencies;
  • 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, a unified monetary policy of the Republic of Belarus in the manner prescribed by the Banking Code and other legislative acts of the Republic of Belarus;
  • carry out operations necessary for implementing 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 National Bank's securities;
  • 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;
  • 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;
  • carry out foreign exchange regulation and foreign exchange control in accordance with legislation of the Republic of Belarus;
  • regulate credit relations;
  • regulate and organise money circulation;
  • 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;
  • establish banking operations rules and procedures;
  • give consent for the banks and non-bank financial institutions to engage in securities transactions in cases prescribed by legislation of the Republic of Belarus;
  • coordinate the issues of securities of banks and non-bank financial institutions in cases prescribed by legislation of the Republic of Belarus;
  • organise the activities of banks and non-bank financial institutions related to the issue and circulation of promissory notes, unless otherwise decreed by the President of the Republic of Belarus;
  • engage in depository activities in the manner prescribed by legislation of the Republic of Belarus;
  • set requirements for banks and non-bank financial institutions regarding transactions involving forward and futures contracts, options and other financial instruments;
  • regulate relations arising from consolidation of monetary funds and/or securities in the bank management fund in line with the agreements of bank management fund’s trust management, unless otherwise prescribed by legislative acts of the Republic of Belarus;
  • prescribe procedures for cash and non-cash settlements in the Republic of Belarus, including the amount thereof, as well as for cash settlements in Belarusian rubles between legal persons, their separate divisions, and individual entrepreneurs;
  • arrange for collection and transportation of cash, payment instructions, 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 the Statute of the National Bank, 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, jointly with the authorized government agencies, procedures for imports and exports of precious metals and precious stones in carrying out banking operations;
  • set prices for purchasing/selling precious metals and precious stones in carrying out banking operations;
  • govern activities of banks and non-bank financial institutions;
  • perform banking supervision;
  • establish the procedures for state registration of banks and non-bank financial institutions in line with the Banking Code and other legislative acts of the Republic of Belarus, as well as perform state registration thereof;
  • carry out license banking activities;
  • monitor financial stability;
  • arrange for the functioning of the payments system of the Republic of Belarus and exercise supervision thereover;
  • form and develop single settlement and information space, ensure functioning of automated information system of single settlement and information space;
  • ensure the implementation of unified state policy in the field of accounting and reporting for the National Bank, banks, and non-bank financial institutions;
  • provide the National Bank, banks and non-bank financial institutions with methodological support in the maintenance of accounting and reporting, as well as perform other powers in the sphere of accounting and reporting in accordance with legislative acts of the Republic of Belarus;
  • develop and approve national financial reporting standards and other regulatory legal acts related to accounting and reporting binding on the National Bank, banks and non-bank financial institutions;
  • prescribe for banks and non-bank financial institutions statistical reporting procedures in formats and within the time limits prescribed by legislation of the Republic of Belarus;
  • form the statistics for the balance of payments, international investment position and the banking system’s external debt, banking statistics, statistics for financial market, including domestic foreign exchange market and cash money circulation, and statistics for financial stability, as well as post statistical data on the official web-site 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’ outlook by the government agencies;
  • review and forecast developments in monetary relations, as well as post the relevant analytical materials on the official web-site of the National Bank in the global computer network Internet;
  • monitor organisations based on carrying out regular surveys with a view to identifying tendencies in economic processes, analysing thereof and forecasting in concert with monetary policy instruments;
  • implement state policy in the field of security activities of banks and non-bank financial institutions;
  • establish regulatory requirements to the objects’ secure functioning and safe provision of banking services for banks and non-bank financial institutions, protection of information resources and data, distribution and/or submission of which is limited, unless otherwise specified in legislative acts of the Republic of Belarus;
  • set requirements to technical opportunities of banks, non-bank financial institutions, branches thereof, organisational units and remote work places with a view to carrying out banking operations, as well as perform technical normalization and standardisation in the field of banking activities;
  • exercise control over security and protection of information resources in banks and non-bank financial institutions;
  • specify requirements for reproducing 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 submit credit reports to the users and entities of credit histories;
  • enter into agreements with central (national) banks and credit institutions of foreign countries; and
  • perform other functions prescribed by the Banking Code 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 amount 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 management 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 be decided by the President of the Republic of Belarus.

The competence of the Board of the National Bank and the procedures for convening the meetings thereof shall be specified in the Statute of the National Bank.

The members of the Board of the National Bank are not allowed to hold other public positions unless otherwise stipulated in the Constitution of the Republic of Belarus and other legislative acts of the Republic of Belarus, as well as belong to political parties.

Limitations specified in part three of Article 68 of the Banking Code shall be applied to the members of the Board of the National Bank.