NBRB Regulatory Entity (National Bank of the Republic of Belarus) is the Republic of Belarus’ central bank and state body. NBRB functions just for the sole purpose of supporting the Republic of Belarus.
The National Bank fully complies with Belarus laws, Belarus Banking Code, Belarus Constitution, the National Bank of Belarus Charter, and President of Belarus regulatory legal acts, and is self-governing in its operations. The NBRB is answerable to the president of Belarus.
The President of Belarus Role in NBRB
- The President of the Republic of Belarus will approve the National Bank’s Charter, as well as any modifications and/or additions.
- The President of the Republic of Belarus appoints an auditing firm to examine the National Bank’s yearly accounting (financial) reports;
- The Chairman and members of the Board of NBRB will be issued by the President of the Republic of Belarus. This will be done with the approval of the Council of the Republic of the National Assembly.
- Dismissal of the Chairman and members of the Board of the National Bank will be done by the President of Belarus with consent from the Council of the Republic of the National Assembly.
- The annual report of the National Bank has to be approved by the President of the Republic of Belarus.
NBRB Function
- Establish the Republic of Belarus Monetary Policy Guidelines and promote a uniform monetary policy by legislative actions of the Republic of Belarus in collaboration with the Government.
- Carry out money transactions as the main function of NBRB.
- Performing and supervising foreign exchange transactions following the law.
- Developing policies for granting permissions and filing notices for foreign exchange management, as well as providing permissions for foreign exchange regulation.
- Controlling credit relations.
- Money circulation is managed and organised.
- In matters connected to the implementation of the republican and local budgets, operating as a financial agent for the Government of the Republic of Belarus and local executive and administrative authorities.
- Specifying the rules and procedures for banking activities.
- Giving authorization for banks and non-bank financial organisations to engage in securities transactions in situations authorized by Belarusian legislation, by the processes outlined within.
- Operating as a lender of last resort for banks as well as providing financing services to them;
- NBRB will issue money.
- Issue securities for the National Bank
- Establish the National Precious Metals and Precious Stones Foundation of the Republic of Belarus’ gold reserve inventory and precious stones reserve, and handle it on a daily within the extent of its authority.
- Create gold and foreign exchange reserves in cooperation with the President of the Republic of Belarus, and administer them to the extent of its authorities.
NBRB Policies
The National Bank will carry out its operations following the Monetary Policy Guidelines, which are authorised annually by the President of Belarus. By October 1 of the current year, the National Bank, in collaboration with the Government, will submit the country’s Monetary Policy Guidelines for the next year to the President of Belarus.
NBRB Vision
Credibility
Achieving and preserving public confidence in the National Bank’s activities in accomplishing its main objective, as well as credibility among government agencies of Belarus, international financial organisations, and international central banks, are all important aspects of credibility.
Engagement
Emphasizes the National Bank’s dedication to the objective of increasing economic development, ensuring the protection of financial service clients’ rights, and advancing the Republic of Belarus’s principles of sustainable development.
Innovations
Reflects the National Bank’s desire to incorporate the finest strategies of international central banks into its actions. Create and implement new solutions through current technology and research methodologies, and focus and spread superior economic knowledge in Belarus.
NBRB Rules and Regulations
Accountability and Transparency
Transparency allows for a better insight into how the National Bank achieves its efficiency, how its operations adhere to its mission, and how they benefit the Republic of Belarus.
Dynamism and Teamwork
Learning the trends around the world, flexibility to change, thinking beyond the normal traditions, new thinking and practices to carry out the best strategy for the development of the Belarusian economy, as well as improving the relationship between NBRB and its stakeholders.
Using Technology and Cyber Security
NBRB monitors the global technology changes around the globe. NBRB will work on upgrading its technologies to make their work easier. NBRB will focus on building the cyber stability of the bank’s financial and information system, to protect its data and information.
Staff Involvement and Competency Development Approach
The National Bank will continue to invest in recognising, rewarding, and inspiring highly skilled employees. Employees’ necessary abilities will be developed more quickly if plans are made to develop each employee’s competence.
The Effectiveness and Performance of Strategic Management Methods
The National Bank will use adaptable and comprehensive strategic management methods to transform conceptual principles for institutional development into actual operations.
Price Stability
Price stability does not imply price invariability, but rather a moderate growth of commodity prices. Inflation should be kept near 5% in the short run to maintain price stability.
Financial Stability
Financial stability refers to the ability of the National Bank, the Republic of Belarus’ payment system, financial service providers, and the financial market, to function effectively and smoothly in the face of disruptive influences from both internal and external causes.
Promotion of Sustainable Development of Financial Services and Financial Market Infrastructure
The pursuit and implementation of policies aimed at the structured, dynamic, and competitive development of the financial market, increasing economic development, and implementing policies for advancement while ensuring the rights and interests of financial services customers are all part of the promotion of sustainable development of financial services and financial market infrastructure.
Bottom line
The National Bank of the Republic of Belarus works to maintain price stability in the country. NBRB also Ensures the Republic of Belarus’ banking system’s stability. NBRB works hard for a secure and well-performing payment system. The following are the main objectives of NBRB.