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The Central Bank of the Republic of Belarus is the national bank of the country and strives to maintain high standards of banking in the country.
However, after being put under government control in 1996, the bank has not been able to initiate policy measures independent of the policies of the government. Therefore, the National Bank of the Republic of Belarus has devised and executed most critical policy measures in consultation with the government.
The transformation of the Belarusian economy from a centrally planned one into a market-driven one required that a finance and credit system be in place. This also meant that a two-tier banking system was in place wherein the role of both the tiers was clearly defined. The Central Bank of the Republic of Belarus thus represents the first level of this hierarchy and has large executable powers. The bank is independent in its activities and is answerable to the national parliament only. The second level, another important level of the Belarusian banking system, is represented by the commercial banks through which the economic policies of the country are implemented.
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The National Bank of the Republic of Belarus is required to regulate credit relations and monetary circulation, determine the system for making payments and have an exclusive right to issue money. The bank also operates as the central depository and the fiscal agent of the Council of Ministers at the center. The bank is also required to register commercial banks established on a joint stock or sharing basis.
The Address and Contact details of the bank is as follows:
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National Bank of the Republic of Belarus
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Address:
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20 Skoriny Avenue 220008 Minsk REPUBLIC OF BELARUS
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Phone No.:
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++375-17-227 64 31
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Fax:
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++375-17-227 48 79
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