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19 April 2023, 12:57

Belarus, Russia complete three Union State programs in banking sector

MINSK, 19 April (BelTA) – Chairman of the Board of the National Bank Pavel Kallaur reported on the work to harmonize laws of Belarus and the Russian Federation as he spoke at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 19 April, BelTA has learned.

"The National Bank supervises seven Union State programs related to the banking system. Three programs have been fully completed (currency regulation, information security and anti-money laundering legislation). The remaining four are on the home stretch (monetary policy, regulation of the financial market, protection of the rights of consumers of financial services and the payment sector)," Pavel Kallaur said.

In the course of the work on the Union State programs, the parties noted the similarity of monetary policy instruments, the comparability of bank regulation in accordance with international standards. "In the payment sector, we have ensured the integration of Belkart and Mir payment systems, national financial information transfer systems and the instant payment systems," Pavel Kallaur noted. “Fast cross-border payments between individuals were successfully piloted in December 2022. In order to ensure proper security of payments by individuals, we are fine-tuning the national fast payment systems.”

“The integration programs are expected to increase the level of accessibility, quality and range of financial services, strengthen fair competition and increase business activity in the financial market," Pavel Kallaur added.

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