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Central banks of Belarus, Russia working to harmonize banking oversight

Economy 14.10.2019 | 14:05
Sergei Kalechits
Sergei Kalechits

MINSK, 14 October (BelTA) – The central banks of Belarus and Russia are discussing ways to harmonize banking oversight instead of unifying it. Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Sergei Kalechits made the statement on 14 October when asked about the development of documents on integration within the framework of the Union State of Belarus and Russia, BelTA has learned.

The official said: “We are looking into working out harmonized approaches to pursuing the monetary policy. We are talking about the harmonization of approaches to banking oversight. For instance, if a Belarusian bank wants to start working on the Russian market or a Russian investor wants to set up a bank in Belarus, they should understand the requirements are rather harmonized. They are not the same but they are close in order to be convenient both for companies and banks.”

The official reminded that interagency working groups on the Belarusian side and the Russian one are working to make sure the agreements on integration matters will be fulfilled. They are taking care of equal business operation terms, equal terms for citizens and banks. “We are also looking into similar matters in banking industry. We have no lack of understanding in this regard,” he said.

“If we want to harmonize, let's say, approaches to banking oversight or requirements for banks, then naturally there should be some plan of action: what steps each country should take in order to ensure harmonization – let me make it clear, not complete unification – for the sake of achieving similar principles,” the deputy head of Belarus' central bank said.

Asked when the action plan on banking may be ready, Sergei Kalechits explained it is being prepared as a package together with other integration documents. “Although our measures are highly coordinated, we could go ahead with them, it would be beneficial for our economies. But they will be officially approved only when the action plans are ready in all the spheres,” he explained.

BelTA reported earlier that in early September the prime ministers of Belarus and Russia agreed a draft action program on tighter integration within the framework of the Union State of Belarus and Russia as well as a list of roadmaps. The sides now have to work out 31 roadmaps to implement this action program.

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