of March 28, 2017 No. 229/6
About the development strategy of the financial market of the Republic of Belarus till 2020
For the purpose of development of the financial market of the Republic of Belarus Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus POSTANOVLYAYUT:
1. Approve the development strategy of the financial market of the Republic of Belarus till 2020 it (is applied).
2. To contractors of the actions provided in the plan which is appendix to the development strategy of the financial market of the Republic of Belarus till 2020 annually till March 1 of the year following reporting to provide in National Bank information on the course of accomplishment of the specified plan if necessary with offers on its adjustment.
3. Annually till April 1 of the year following reporting to provide to National Bank in Council of Ministers of the Republic of Belarus information on the course of accomplishment of the development strategy of the financial market of the Republic of Belarus till 2020.
4. This resolution becomes effective after its official publication.
|
Prime Minister of the Republic of Belarus |
A. Kobyakov |
|
Chairman of the board of National Bank of the Republic of Belarus |
P. Kallaur |
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
In this strategy the purpose, tasks and the priority directions of development of the financial market of the Republic of Belarus (further - the financial market) for the medium term are determined.
In the financial market the following institutes function:
National Bank;
Ministry of Finance;
banks and non-bank credit and financial organizations;
"Development Bank of the Republic of Belarus" open joint stock company (further - Development bank);
professional participants of the security market, including Belarusian Currency and Stock Exchange open joint stock company (further - JSC BVFB);
insurance companies, including the republican unitary enterprise "Belarusian National Reinsurance Organization" performing insurance activity only on reinsurance;
the organizations performing leasing activities;
microfinancial organizations;
Forex company;
other organizations performing intermediary activities in the financial market.
This strategy is developed taking into account provisions of the following main program documents:
The main directions of monetary policy of the Republic of Belarus for 2017 approved by the Presidential decree of the Republic of Belarus of October 3, 2016 No. 359;
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;
The program of activities of the Government of the Republic of Belarus for 2016-2020 approved by the resolution of Council of Ministers of the Republic of Belarus of April 5, 2016 No. 274;
The republican development program of insurance activity for 2016-2020 approved by the resolution of Council of Ministers of the Republic of Belarus of November 15, 2016 No. 922;
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;
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;
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.
The purpose of development of the financial market for the period till 2020 is its high-quality transformation, increase in stability and efficiency of functioning directed to growth of economy and welfare of the population.
For achievement of the specified purpose it is necessary to solve the following problems:
1. Create the full-fledged, structurally developed financial market for what it is required:
provide the accelerated development of non-bank sectors of the financial market;
enhance line of banking products;
it is active to use and develop new digital technologies in all sectors of the financial market;
develop infrastructure of the financial market;
increase trust to the financial market.
2. Eliminate the main imbalances, including reduce dollarization, application of directive crediting, to liquidate disproportions in distribution of financial resources between sectors of economy, other discrepancies.
3. Intensify the competition by means of:
developments of institutional structure of the security market;
developments of the insurance market;
increases in share of private property, decrease in concentration of the capital in bank and insurance sectors;
developments of payment aggregators;
enhancement of corporate management;
increases in degree of information openness of all members of the financial market.
4. Intensify savings process, involve in it general population and revive long-term forms of savings for the account:
increases in trust to Belarusian ruble and the pursued monetary policy;
developments and deployments of the reliable, liquid and profitable financial instruments meeting requirements of the market (including non-bank);
involvement of the population in savings process by increase in its financial literacy, growth of availability of financial products.
5. Provide price and financial stability by means of:
carrying out effective and transparent monetary policy;
ensuring banking system stability and other sectors of the financial market;
effective settlement of the unattended credits and prevention of formation of other imbalances;
developments of the institutional infrastructure directed to assistance to members of the financial market in permission of problem situations.
6. Develop organizational infrastructure of the financial market for coordination of the key directions of policy in the financial and economic sphere, including macroeconomic, monetarist, monetary, tax and budget policies.
For realization of this strategy accomplishment of actions according to appendix is planned.
In spite of the fact that the financial market in general performs the functions, the available structural disproportions and cumulative problems do not allow it to develop rather dynamically, and also influence quality of the provided financial services.
Domination of banking sector reduces the competition and reduces incentives to its development. Absence or small efficiency of separate financial instruments (market long-term credit and savings tools in national currency, hedging instruments of risk, specialized tools (for small business, physical persons and others), equity instruments of accumulation of the capital), and also insufficient providing private sector with financial resources can be the indirect evidence of it.
Development of the financial market in 2011-2016 was characterized first of all by institutional changes. Approaches to providing financial support within implementation of state programs and actions were enhanced, Development bank is created, activities in the market of leasing, microfinancing and the Forex curb market are settled, complex enhancement of the legislation on the security market and insurance is provided, the main barriers interfering their development are removed. The major changes became transition to the mode of monetary targeting when carrying out monetary policy, increase in flexibility of the exchange rate.
These changes laid the foundation for increase in efficiency of functioning of the financial market and its further development.
At the same time dynamics of growth of the financial market restrained several factors, basic of which - external shocks (mainly deterioration in macroeconomic situation in the countries - the main trading partners), delay of rates of economic growth, increase in dollarization and segmentation of the credit market, the acceleration of inflation and devaluation processes which demanded maintenance of high level of interest rates on market credit and deposit products in Belarusian rubles.
As a result decrease in the relation of assets of banks and Development bank to gross domestic product for January 1, 2017 in comparison with January 1, 2011 constituted 2,8 of percent point. Debt load of the companies of the real sector became serious restriction. In the conditions of rather difficult macroeconomic situation the considerable debt load created prerequisites for quality degradation of credit debt.
For January 1, 2017 banking activity in the Republic of Belarus was performed by 24 banks and 3 non-bank credit and financial organizations. The foreign capital was present at authorized capitals of 19 banks, at the same time in 14 banks share of participation of foreign investors in authorized fund exceeded 50 percent (in 4 of them it constituted 100 percent). In cumulative authorized fund of banking sector the share of banks with the capital of private investors prevailing in their authorized funds reached percent 2,7.
Extent of the state participation in property of banks was at steadily high level: in recent years the state controls about the two third bank assets. Their large-scale participation in crediting of state programs and actions, and also accomplishment of some social functions was consequence of considerable share of the state in property of commercial banks.
Development of insurance sector in 2011-2016 was more dynamic. So, insurance companies managed to increase the relation of the assets to gross domestic product from 2 percent for January 1, 2011 to 3 percent for January 1, 2017. The total amount of insurance premiums for the expired period grew in time 7,4, the relation of insurance premiums to gross domestic product increased from percent 0,82 in 2010 to percent 1,05 in 2016.
In market development of securities the following results were achieved.
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The document ceased to be valid since June 6, 2025 according to Item 2 of the Resolution of Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus of June 3, 2025 No. 302/18