The National Bank of the Republic of Belarus (hereinafter referred to as the "National Bank") is the central bank and a government agency of the Republic of Belarus operating exclusively in the interests of the Republic of Belarus.
The main objectives of the National Bank shall be as follows:
- ensuring price stability
- maintaining the stability of the banking system of the Republic of Belarus; and
- ensuring efficient, reliable, and secure functioning of the payment system
Functions of the National Bank
The National Bank shall perform the following functions:
- develop the Republic of Belarus Monetary Policy Guidelines and pursue, in concert with the Government of the Republic of Belarus, unified monetary policy of the Republic of Belarus in the manner prescribed by this Code and legislative acts of the Republic of Belarus;
- perform transactions required to attain the main objectives of the National Bank;
- act as the lender of last resort with respect to banks and provide refinancing thereof;
- issue money;
- issue the National Bank’s securities; determine the procedure for issuing, circulating and redeeming the securities of the National Bank in coordination with the republican agency of state administration exercising state regulation of the securities market;
- create the gold reserve stock and precious stones fund of the National Precious Metals and Precious Stones Foundation of the Republic of Belarus and manage it on a day-to-day basis within the scope of its authority;
- establish, in consultation with the President of the Republic of Belarus, gold and foreign exchange reserves and manage them within the scope of its authority;
- carry out foreign exchange regulation and foreign exchange control in accordance with legislation of the Republic of Belarus;
- establish the procedures for issuing permissions and submitting notifications required for foreign exchange regulation purposes, as well as issue permissions required for foreign exchange regulation purposes;
- regulate credit relations;
- regulate and organize money circulation;
- act as a financial agent for the Government of the Republic of Belarus and local executive and administrative bodies in the matters relating to the execution of the republican and local budgets;
- establish banking operations rules and procedures;
- give consent, in accordance with the procedures laid down thereby, for banks and non-bank financial institutions to engage in securities transactions in cases prescribed by law of the Republic of Belarus;
