The Сompetence of the National Bank of the Republic of Belarus in the Issues of Regulating Microfinance Activities

In accordance with Edict of the President of the Republic of Belarus No. 325 "On Attracting and Extending Loans, Activities of Microfinance Organizations" dated June 30, 2014 (hereinafter - the "Edict"), the National Bank shall:

  • carry out regulation of the relations arising when granting and attracting microloans by microfinancial organizations, accept regulatory legal acts regulating the procedures for attracting and granting microloans;
  • maintain the register of microfinance organizations in the manner determined thereby;
  • have the right to set the maximum amount of annualized interests (annual interest rate) received by the lender from the borrower on microloans provided by microfinance organizations;
  • examine in essence, in line with the legislation on appeals of citizens and legal persons, the appeals of consumers of services rendered by microfinance organizations in connection with the violation of the rights of such consumers and submit instructions on terminating the violations of consumer rights that are mandatory for execution by microfinance organizations;
  • explain the issues of applying this Edict;
  • be entitled to act as a customer of audit services for the purpose of auditing the accounting reports of the non-profit microfinance organization operating in the form of a consumer cooperative;
  • be entitled to bring a case before a court for liquidation of the microfinance organization on the grounds and in accordance with the procedure established by legislative acts;
  • be entitled to apply to the court for declaring the microfinance organization insolvent (bankrupt), subject to compliance with the requirements set forth by Law of the Republic of Belarus dated July 13, 2012 “On Economic Insolvency (Bankruptcy)”, for the creditor to file an application due to failure of the microfinance organization to fulfill its monetary liabilities;
  • monitor the microfinance organizations’ compliance with the legislation regulating the procedures for granting and attracting microloans, including by conducting inspections at the location of the National Bank based on examination of documents, reports and other information received by it in accordance with the legislation, without requesting other documents from the microfinance organization (desk audits);
  • send the order prohibiting funds attracting by the microfinance organization, the order prohibiting microloans extending by the microfinance organization, request to remove the head of the microfinance organization from his/her post (in the cases established by the Edict).

Contact details:

Non-credit Financial Organizations Regulation Directorate of the National Bank

  • Aleksandr Dedkov
    (Deputy Head, Non-bank Transactions Methodology Department), tel.: +375 17 218 38 61
  • issues regarding regulation of activities of microfinance organizations:
    • Ludmila Shilina, tel.: +375 17 218 38 13
    • Fax: +375 17 218 38 75
  • issues regarding the methods of compilation of reports and information submitted to the National Bank:
    • Elena Kalachik, tel.: +375 17 218 38 37
  • issues regarding inclusion into the Register of Microfinance Organizations:
    • Oksana Shumanskaya, tel.: +375 17 218 38 12
  • issues concerning provision of reports and information to the National Bank:
    • Boris Snopkov, tel.: +375 17 218 38 28
    • Dmitry Lyakh, tel.: +375 17 218 38 53

Information Systems Support Service of the Information Technologies Directorate of the National Bank:

  • issues related to the organization of acceptance of reports and information submitted to the National Bank:
    • tel.: +375 17 215 44 90, +375 17 215 44 91