MINSK, 15 April (BelTA) – Steady operation of the banking industry is ensured in Belarus, BelTA learned from Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur at a press conference on 15 April.
The official said: “The previously accumulated durability reserve has allowed the banks to absorb the shocks we encountered last year and this year and provide the necessary support to the economy. Despite a decrease in individual financial indicators primarily due to the realization of credit risks the steady operation of the banking sector is ensured. Financial stability indicators are within an acceptable range.”
In his words, the share of unserviceable assets in the assets susceptible to credit risks stood at 5.2% as of 1 April while the acceptable threshold is 10%.
Pavel Kallaur went on saying: “On the whole, the financial system, including the payment system, operates properly. Work is in progress on future development of the financial market and the improvement of the central bank's work. In order to improve the quality and affordability of banking services and the social security of our citizens a presidential decree has been drafted on a current bank account of individuals with basic service options. The draft decree is going through public hearings.”
Apart from that, work is going on on providing a legislative framework for approaches and mechanisms to protect rights of consumers of financial services. A bill on payment systems and payment services is in the final reconciliation phase. According to Pavel Kallaur, the bill's adoption will give a new impulse to the development of the payment market. It will allow non-banking organizations to operate on this market. It will help reduce costs, create new jobs, and protect rights of consumers of payment services.
Work is also in progress on amending the Banking Code and improving the system of guaranteed reimbursement of bank deposits of natural persons. Apart from that, a presidential decree has been drafted on online borrowing and leasing services. “Its adoption will contribute to the development of alternative mechanisms, to raising and providing monetary assets to natural persons and small and medium enterprises. The levying of penalties as part of financial leasing contracts will be streamlined as well,” Pavel Kallaur added.
