National Bank of the Republic of Belarus

 The National Bank of the Republic of Belarus (NBRB), situated in the capital city of Minsk, is the central banking institution of the Republic of Belarus and the key regulator and supervisor of monetary and banking policy.

The bank was first established in 1922 as the Belarusian Republican Bank and subsequently operated under the auspices of the State Bank of the USSR.

The bank's activities are governed by the Banking Code, which took effect on October 25, 2000, and stipulates the NBRB's functions, including cash and non-cash settlements, as well as ensuring the safe operation of the interbank payment system.

Primary Functions

The NBRB carries out a broad array of functions required for the financial and economic stability of the Republic of Belarus:

• Monetary Policy and Currency Issuer: Planning, implementing, and conducting monetary policy to support price stability and being the exclusive issuer of the Belarusian ruble.

• Supervision of Banks: Supervising banks and non-bank financial institutions, ensuring compliance with regulations and conducting onsite and offsite examinations on economic stability.

• Foreign Exchange and Reserve Management: Conducting the foreign exchange operation and reserve management of national currency and supervising payment systems and foreign exchange flows.

• Settlement Systems: Ensuring robust and efficient interbank settlements using cash and non-cash payments in accordance with national legislation.

Organization

The NBRB is comprised of a Chairman of the Bank and a Board of Directors that the President of Belarus appoints.

Objectives and Goals

The NBRB makes core objectives around:

• Price stability and inflation management.

• Financial stability and trust of depositors.

• Efficiency and development of the banking sector in accordance with the best practices in financial services.

Independence and Accountability

Although the NBRB operates independently in its day-to-day functions, major policy decisions and changes to legislation require collaborative engagement with the State.