Belarus' joining the World Trade Organization will not have negative consequences for the banking industry, BelTA learned from Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur on 20 December.
Enabling foreign banks to open branches in Belarus is the only matter, which needs a careful approach in the course of the negotiation process. According to Pavel Kallaur, the state usually sets certain requirements for access to the market, including charter capital requirements. Belarus may need a transition period to get ready to work in new conditions.
NBRB Deputy Chairman of the Board Sergei Kalechits added that oversight over the Belarusian banking industry is rather effective. A system is in place to guarantee the return of deposits. This is why foreign commercial banks would have to abide by certain rules, too, if they want to operate on the Belarusian market, he believes.
Apart from that, the liberalization of currency regulations was mentioned in the course of negotiations on WTO accession. “We are moving even faster than partners would like us to in this field,” noted Sergei Kalechits.
BelTA reported earlier that Belarus intends to join the WTO in 2020.