RESOLUTION OF COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS AND NATIONAL BANK OF THE REPUBLIC OF BELARUS

of April 12, 2019 No. 241/6

About the joint action plan on increase in financial literacy of the population for 2019-2024

For the purpose of enhancement of activities of state bodies and members of the financial market on increase in financial literacy of the population Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus POSTANOVLYAYUT:

1. Approve:

the joint action plan on increase in financial literacy of the population for 2019-2024 (is attached);

actions of the joint action plan for increase in financial literacy of the population for 2019-2024 (are applied).

2. To interdepartmental coordination council on the increase in financial literacy of the population created by the resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus of November 2, 2012 No. 1009/15 "About interdepartmental coordination council on increase in financial literacy of the population" to carry out the analysis of accomplishment of the actions specified in paragraph three of Item 1 of this resolution and for its results to create relevant proposals and recommendations for contractors.

3. To represent to the republican state bodies and other state organizations subordinated to the Government of the Republic of Belarus, regional executive committees and the Minsk Gorispolkom to National Bank to the 15th following reporting quarter, information on accomplishment of the actions specified in paragraph three of Item 1 of this resolution.

Approved by the Resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus of April 12, 2019, No. 241/6

The joint action plan on increase in financial literacy of the population for 2019-2024

Chapter 1 General provisions

This plan is the medium-term strategy of increase in financial literacy of the population taking into account progressive international experience and realization of task on increase in efficiency of these activities.

This plan is based on results of accomplishment of actions of the joint action plan of state bodies and members of the financial market on increase in financial literacy of the population of the Republic of Belarus for 2013-2018 approved by the resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus of January 17, 2013 No. 31/1.

Financially competent behavior of the population is basis and necessary condition of ensuring proper welfare of citizens, increases in stability and the efficiency of functioning of the financial market, its high-quality transformation directed to assistance to sustained economic growth.

In this plan particular purposes and priorities, the priority directions and subjects, the primary target groups of the population, measures and methods of effective goal achievement, the principles of coordination of activities and form of interdepartmental interaction, and also the expected results and mechanisms of monitoring and assessment of the carried-out work in the field of increase in financial literacy of the population are stated.

This plan is developed in compliance:

with the Program of social and economic development of the Republic of Belarus for 2016-2020 approved by the Presidential decree of the Republic of Belarus of December 15, 2016 No. 466;

with the Republican development program of the insurance activity for 2016-2020 approved by the resolution of Council of Ministers of the Republic of Belarus of November 15, 2016 No. 922;

with the development strategy of the financial market of the Republic of Belarus till 2020 approved by the resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus of March 28, 2017 No. 229/6;

with the National plan of action for realization in the Republic of Belarus of provisions of the Convention on the rights of disabled people for 2017-2025 approved by the resolution of Council of Ministers of the Republic of Belarus of June 13, 2017 No. 451;

with the Anti-inflationary program approved by the resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus of September 11, 2018 No. 658/12;

with the Strategy of development for small and medium business "Belarus - the country of successful entrepreneurship" for the period till 2030, the Republic of Belarus approved by the resolution of Council of Ministers of October 17, 2018 No. 743;

with the National strategy of sustainable social and economic development of the Republic of Belarus for the period till 2030 approved by Presidium of Council of Ministers of the Republic of Belarus (protocols of meetings of Presidium of Council of Ministers of the Republic of Belarus of February 10, 2015 No. 3 and of May 2, 2017 No. 10);

with the Concept of development of payment system of the Republic of Belarus for 2016-2020 approved by the resolution of Board of National Bank of the Republic of Belarus of December 29, 2015 No. 779;

with the Strategy of development of digital banking in the Republic of Belarus for 2016-2020 approved by the resolution of Board of National Bank of the Republic of Belarus of March 2, 2016 No. 108.

In case of development of this plan as reference points for increase in efficiency of activities in the sphere of financial literacy the following documents are accepted in attention:

The guidelines of the United Nations for protection of consumer interests;

The principles of high level of "Group of Twenty" on consumer protection of financial services;

The principles of high level of "Group of Twenty" on the national strategy of financial education;

Management of Organization for Economic Cooperation and Development for private and non-commercial concerned parties in the field of financial education;

The principles of "Group of Twenty" on innovative financial availability;

Principles of national strategy for financial formation of Organization for Economic Cooperation and Development;

Management of Organization for Economic Cooperation and Development on development of national strategy of increase in financial literacy;

The actions plan of Organization for Economic Cooperation and Development on realization and enhancement of national strategy of increase in financial literacy in the Republic of Belarus;

analysis results of the best foreign strategy for increase in financial literacy.

Chapter 2 Current state and relevance of increase in financial literacy of the population

In the conditions of active development and rough transformation of world economy also the range of the services offered by the financial organizations for the population which are characterized by the increased complexity considerably extends and require availability of specific knowledge. In modern conditions extreme importance of availability at the consumers of financial services of relevant information and knowledge promoting decision making in the financial sphere is obvious.

Citizens with the low level of knowledge face debt problems more often, experience difficulties in acceptance of optimal finance solutions, do not save, with smaller efficiency manage the available means, are not engaged in long-term financial planning.

With necessary financial knowledge, abilities, skills and culture citizens can with benefit take opportunities and advantages of the services provided by the financial organizations for itself. The person, competent from the financial point of view, with smaller probability can fall victim of "financial pyramid" or conclude the doubtful or short-sighted bargain.

Cyclically happening global financial crises caused universal recognition of questions of financial education and financial literacy as one of the major skills necessary for activity of the person as consumer of the services rendered by the financial organizations. With respect thereto the number of the countries which are developing specialized programs and the strategy of financial education and stirring up the activities in this area promptly grows.

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