The 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
email@nbrb.by

Business hours:

8.30 – 17.30h GMT+2, Monday – Thursday
8.30 – 16.15h GMT+2, Friday

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:

RU

in Russian

— Национальный банк Республики Беларусь

BY

in Belarusian

— Нацыянальны банк Рэспублiкi Беларусь

EN

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;

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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.