NBRB National Bank of the Republic of Belarus

The National Bank of the Republic of Belarus (NBRB) is the country's central bank. It sits in Minsk and it is the regulator and supervisor for monetary and banking policy.

Where it came from

It was first established in 1922 as the Belarusian Republican Bank, and then operated under the State Bank of the USSR. It was reorganised in 1959 and again in 1987. It took its present form in 1990, after Belarus declared independence from the USSR and passed its own banking legislation.

Its work is governed by the Banking Code, which took effect on 25 October 2000. The Code sets out its functions, including cash and non-cash settlement and keeping the interbank payment system running safely.

What the NBRB does

Monetary policy and currency. It plans and conducts monetary policy to hold prices steady, and it is the only issuer of the Belarusian ruble.

Bank supervision. It supervises banks and non-bank financial institutions, checking compliance both on site and from its own records.

Foreign exchange and reserves. It runs foreign exchange operations, manages reserves, and supervises payment systems and foreign exchange flows.

Settlement. It keeps interbank settlement working, in cash and non-cash payments, under national law.

Its objectives

Price stability and control of inflation. Financial stability, and depositors' confidence with it. And a banking sector that works efficiently and keeps developing.

How it is run

A Chairman and a Board of Directors lead the bank, both appointed by the President of Belarus. Below them sit the departments — among them Monetary Policy and Economic Analysis, Cash Circulation, and Banking Supervision.

Independence

The NBRB runs its own day-to-day affairs. Major policy decisions and changes to legislation go through the State. It accounts for itself through annual reports and public disclosures, and through its part in international financial institutions.