RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of January 16, 2025 No. 10

About approval of the Main directions of increase in institutional efficiency of National Bank for 2025

Based on subitem 50.15 of Item 50 of the Charter of the National Bank of the Republic of Belarus approved by the Presidential decree of the Republic of Belarus of June 13, 2001 No. 320, Board of National Bank of the Republic of Belarus DECIDES:

1. Approve the Main directions of increase in institutional efficiency of National Bank for 2025 (are applied).

2. This resolution becomes effective from the date of its acceptance.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of January 16, 2025 No. 10

The main directions of increase in institutional efficiency of National Bank for 2025

The main directions of increase in institutional efficiency of National Bank for 2025 determine orientation of measures for development of the fields of activity which are in its jurisdiction, to strengthening of social standards and level of protection of the population in the financial sphere and also by enhancement of functioning of National Bank.

In 2025 increase in institutional efficiency of National Bank will be performed in the following main directions.

1. Enhancement of measures of monetary policy (Chapter 1). It is planned to consider question of strengthening of control of the cash offer by renewal of auction transactions on withdrawal of liquidity and the publication of quarter schedules of such transactions. The model office of National Bank due to upgrade of separate blocks of model of financial programming and increase on this basis of its accuracy and coordination with model of medium-term designing of monetary policy will be enhanced. Further development will be gained by the consolidated index of monetary conditions due to integration of blocks of the exchange rate into it, expectations and moods of economic agents. Development of the program complex "Credits to Banks", and also transition to use of the single agreement on all transactions of National Bank on liquidity regulation are planned that will promote cost reduction of participants of transactions.

2. Increase in efficiency of measures macro - and microprudential policy (Chapter 2 and 3). Within enhancement of monitoring system of financial stability further development of methods of the analysis of large data sets, including microdata on the companies and households is supposed. Application of indicator of debt load will be extended to leasing and microfinancial contracts with physical persons. Approaches to carrying out internal procedure of capital adequacy assessment by banks will be also optimized, remote control of persons performing financial transactions is enhanced. Carrying out overall supervising assessment of activities of separate banks, and also automation of inspection process of National Bank are planned.

3. Ensuring steady functioning and dynamic development of the payment market of the Republic of Belarus (Chapter 4 and 6). Within enhancement of oversight of payment systems the methodology of determination of payment service providers, critical will be developed for payment system (the payment market of the Republic of Belarus). Conducting checks of payment service providers is provided. Work on expansion of functionality of system of instant payments (including with use of QR codes), to enhancement of methods of authentication and verification of data in interbank system of identification will be continued. Development of complex changes in the legislation within the carried-out work on development of payment system of digital Belarusian ruble is planned. Further development will be gained by domestic payment system Belkart.

4. Enhancement and development of the legal basis of activities of members of the financial market (Chapter 5 and 7). Work on the bill of the Republic of Belarus "About consumer loan and consumer microloan" which will establish single approaches to regulation of consumer crediting and microfinancing of physical persons will be continued. Possibilities of provision by banks of the syndicated (konsortsialny) loans to legal entities will extend. With adoption of law of the Republic of Belarus "About leasing activities" the legal basis promoting further sustainable development of leasing will be created. Are planned creation of conditions for investment of mobile operators with the right to perform microfinancial activities, and also creation and further development of legal regulation for new segment of the financial market - non-bank factoring. Suggestions for improvement of the legal basis of cashless payments will be prepared, work on development of instruments of bank trade financing is continued. Actions for enhancement of procedure for functioning of institute of credit stories are planned. For improvement of quality of the assigned credit scores establishment of additional requirements to methodology of rating agency is planned, work on recognition of the credit scores assigned by the agencies of member countries of the Eurasian Economic Union will be continued. Updating and increase in functionality of system of currency monitoring are assumed.

5. Increase in financial literacy of the population, ensuring consumer protection of financial services and counteraction to fraud in the financial sphere (Chapter 8 and 9). Increase in financial literacy of the population will be performed according to the Joint action plan of the Government of the Republic of Belarus and National Bank on increase in financial literacy of the population for 2025-2030 planned to approval by the resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus. Work on enhancement of institutional system of law of consumer protection of financial services, and also interaction with profile associations of members of the financial market, the financial organizations and public associations of consumers will be continued. Implementation of the analysis of contents of information on number of financial services (financial products) posted on the websites of banks on the global computer Internet is planned. For the purpose of the prevention, identification and counteraction to unauthorized payment transactions implementation of analytical system for creation of the management reporting from the automated system of processing of incidents of National Bank is planned. Works on development of standards of financial services and technologies in information security field which will be obligatory to execution by all banks will be continued.

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