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There Is Board, But There Is No Financial Stability

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There Is Board, But There Is No Financial Stability

The Council of Ministers and the National Bank of Belarus established a Financial Stability Board.

The Financial Stability Board was established in Belarus in accordance with the joint decision of the Council of Ministers and the National Bank of Belarus N454 / 16 of June13, the press service of the government informed on Tuesday.

Chairman of the National Bank Board Pavel Kallaur and First Deputy Prime Minister Vasil Matiusheuski headed the Board.

The Board includes the Minister of Economy Uladzimir Zinouski and Finance Minister Uladzimir Amaryn, their first deputies Aliaksandr Zabarouski and Maxim Yarmalovich, as well as deputy chairman of the National Bank Taras Nadolny, Dzmitry Lapko and Dzmitry Kalechyts.

The Board will organize and coordinate the interaction of state bodies in the implementation of financial stability monitoring, including a comprehensive analysis of factors affecting the preservation of financial stability (balance of payments, the consolidated budget, legal entities, households, public debt, the debt of local government and self-government, debt guaranteed by the Republic of Belarus and local executive and administrative authorities, the debt of the National Bank, banks, businesses and households, and other factors), the press-service informed.

The new structure is to develop and coordinate the implementation of measures aimed at ensuring financial stability, in which banks and non-bank financial institutions, other financial intermediaries, the financial market and the payment system can carry out their activities in a befitting way, including in the case of destabilizing impact of internal and external factors.

In addition, the Board is to coordinate the activities in the financial market of the authorized state agencies on regulation and supervision, to develop mechanisms for resolving crises in the financial market.

In its work, if necessary, the board will cooperate with state authorities, international, intergovernmental and interbank coordination advisory bodies, attract specialists of interested government agencies, other noncommercial organizations, entities of the financial markets, researchers and independent experts for consultations.

“Working committees consisting of the National Bank employees, the Ministry of Finance and the Ministry of Economy are being created to ensure the activity of the new structure: on the financial stability assessment and the development of measures for its security; on developing crisis resolution strategies, on coordinated approach to regulation and supervision,” – the press service of the Council of Ministers informed.

Board meetings are to be held as often as required, but at least twice a year.

The Board’s work’s organizational support is provided by the National Bank.

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