Map of the Main Tasks of the National Bank of the Republic of Belarus for 2019

On 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 objectives 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 favourable conditions for sustainable inclusive economic growth by dint of quantitative and qualitative development of the monetary sphere, the banking sector and the payment system.

Map of the National Bank’s Main Tasks for 2019 is the document of strategic planning, in which the main objectives and tasks for the current year of the National Bank as an institute are stipulated.

Map of the National Bank’s Main Tasks for 2019 has the following structure: 2 main goals of the National Bank’s activities, 8 first-level tasks, 31 second-level tasks, the completion of which is revealed in meeting the planned values of indicators. The first-level and the second-level tasks are aimed at attaining by the National Bank the main objectives for maintaining price and ensuring financial stability in 2019.

The first-level tasks 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.

One of the first-level tasks discloses the National Bank’s approach to the maintenance of price stability, six tasks of the first-level describe the activities designed to ensure financial stability.

Improvement of the National Bank’s institutional efficiency is also assigned to the first-level tasks, that is due to the systemic impact of this activity on its capabilities in achieving the declared objectives.

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. Meeting the indicators characterizing the completion of the second-level tasks, in its turn, is taken into account in the key indicators of efficiency of work of managers and other employees of the National Bank’s organizational units.

When the Map of the National Bank’s Main Tasks was composed, the objective to reflect the whole range of tasks of the second and lower levels was not pursued. The majority of these tasks of the organizational units’ activities is tackled by the process approach, being repeated from year to year. In the Map of the National Bank’s Main Tasks for 2019 the emphasis is made on the second-level tasks, which are relatively new from the point of view of qualitative and/or quantitative characteristics of the results being attained.

In the second-level tasks the issues of development of the financial market with a breakdown by its segments, institutes and instruments are reflected. Such approach is based on the fundamental impact of price and financial stability on the saving and investment motives of behavior of economic entities and households, that determine the business climate in the economy and prospects for the financial market development.

Map of the Main Tasks of the National Bank of the Republic of Belarus for 2019