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Belarus' central bank looks forward to new twinning project with European Union

Economy 10.07.2019 | 12:45
Sergei Kalechits
Sergei Kalechits

MINSK, 10 July (BelTA) – The National Bank of the Republic of Belarus (NBRB) looks forward to a new twinning project with the European Union. NBRB Deputy Chairman Sergei Kalechits made the statement at the final conference of the European Union's twinning project designed to enhance the potential of Belarus' central bank, BelTA has learned.

Sergei Kalechits said that the central bank had become the first Belarusian body to implement a twinning project. “We think highly of the results. We and our European partners have reached a preliminary agreement on starting work on preparing a new twinning project involving the National Bank,” the official noted.

In his words, the joint use of the expert potential of Belarus' central bank and central banks of European Union countries in the course of the twinning project allowed the sides to secure significant practical results in matters of financial stability, banking oversight, protection of rights of consumers of financial services, the payment system and information technologies, the management of financial risks, and the communication policy.

The key results of implementing the Payment Systems component include the development of a bill on payment systems and payment services and the compilation of a public annual report on oversight over the country's payment system. In the course of implementing the Financial Stability component the sides put together a concept of development of the central bank's potential with a view to securing financial stability and pursuing a macroprudential policy. A draft presidential decree was also worked out to legislate the main approaches to ensuring financial stability in the country. As a result of implementing the Banking Oversight component the National Bank of the Republic of Belarus adopted modern tools of banking oversight, worked out supervisory review and evaluation (SREP) methods, and formed a system of early warning metrics. As a result of implementing the Management of Financial Risks component the central bank's financial risk management system was thoroughly analyzed. Recommendations and an action plan on further enhancement of the risk management system were worked out. Apart from that, thanks to the project a concept of the system to protect rights of consumers of financial services in Belarus and a new communication policy of the central bank were worked out.

Head of the EU Delegation to Belarus Andrea Wiktorin believes that Belarus' first twinning project is a success. The central bank kind of pioneered the project. The project's success opens up opportunities for continued cooperation.

Andrea Wiktorin added: “It was the first project for such interaction between Belarus' central bank and three central banks from European Union countries – Germany, Poland, and Lithuania. This is why discussions about what this interaction can be in the future took place indeed. In turn, we are always intent and ready to provide support if priorities and needs on the part of the National Bank are clearly formulated.”

A European Union delegation is expected to arrive in Belarus in late September in order to discuss possible further steps in the twinning initiative.

The contract of the twinning project meant to enhance the potential of the National Bank of the Republic of Belarus was signed on 22 December 2017. It was implemented by a consortium of banks – the German Federal Bank, the National Bank of Poland and the Bank of Lithuania. The project's budget amounted to €1.15 million.

Twinning is a tool of the European Union designed to support direct interaction between government agencies of European Union countries and partner countries or beneficiaries. Twinning projects envisage joint use of the expert potential of government agencies of the European Union countries and beneficiary countries in order to achieve specified mandatory practical results.

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