Belarus : Financial Sector Assessment
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Washington, DC
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The Financial System Assessment (FSA) is
based on the work of the joint International Monetary Fund
(IMF)-World Bank Financial Sector Assessment Program (FSAP)
updates that visited Belarus from September 17, 2007 to
September 30, 2008. The principal objective of the FSAP
update was to assist the authorities in evaluating progress,
assessing potential vulnerabilities of the financial system,
and determining future challenges. The IMF and the World
Bank, an aide-memoire, technical notes on a detailed
assessment of compliance with Basel Core Principles (BCP)
principles of Banking supervision, summary assessment of
compliance with the International Organization of Securities
Commissions (IOSCO) principles, and access to finance, and
background notes on stress-testing and the insurance sector
have been submitted to the authorities. Overall, the
supervisory framework for banks has significantly improved
since the 2004 FSAP, though concerns remain in some crucial
dimensions. The new Banking code was passed in 2006, and
secondary legislation is updated on a regular basis. While
the majority of recommendations made by the 2004 BCP
assessment have been adopted or are in process of
implementation, the independence of the National Bank of
Republic of Belarus (NBRB) Board and bank supervisory
processes continue to pose operational and reputation risks.
As well, the capital adequacy framework needs substantial
improvement to more accurately reflect the structure of the
banking sector. Supervisory actions could be significantly
enhanced by imposing adequate corporate governance
requirements for banks.
Palabras clave
ACCESS TO INFORMATION, ACCOUNTABILITY STRUCTURE, ACCOUNTING, ACCOUNTING STANDARDS, AGRICULTURAL BANK, ASSET QUALITY, ASSET-BACKED SECURITIES, AUCTIONS, BALANCE OF PAYMENTS, BALANCE SHEETS, BANK ACCOUNT, BANK BRANCHES, BANK CREDIT, BANK LENDING, BANKING ASSETS, BANKING LAW, BANKING SECTOR, BANKING SYSTEM, BANKRUPTCIES, BANKRUPTCY, BROAD MONEY, CAPITAL ADEQUACY, CAPITAL INFLOWS, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, CENTRAL BANK, CENTRAL DEPOSITORY, COLLATERAL, COMMERCIAL BANKS, CORPORATE BONDS, CORPORATE GOVERNANCE, CREDIBILITY, CREDIT AGENCIES, CREDIT BUREAU, CREDIT CULTURE, CREDIT DECISIONS, CREDIT INFORMATION, CREDIT INFORMATION BUREAU, CREDIT INSTITUTIONS, CREDIT MARKET, CREDIT RISK, CREDIT UNION, CREDIT UNIONS, CREDITOR, CREDITOR RIGHTS, DEBT MANAGEMENT, DEBT MARKET, DEBT OUTSTANDING, DEBT SERVICE, DEMAND FOR CREDIT, DEPOSIT, DEPOSIT TAKING INSTITUTIONS, DEPOSITORS, DEPOSITS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DUE DILIGENCE, ECONOMIC DEVELOPMENT, ENFORCEMENT POWERS, EXPORT GROWTH, EXTERNAL BORROWING, FINANCIAL DEVELOPMENT, FINANCIAL INFORMATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIATION, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FISCAL CAPACITY, FISCAL CONSTRAINTS, FISCAL DECENTRALIZATION, FIXED INVESTMENTS, FLOATING EXCHANGE RATE, FOREIGN BANKS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN EXCHANGE RISK, FOREIGN EXCHANGE RISKS, GOVERNMENT BOND, GOVERNMENT BOND MARKET, GOVERNMENT DEBT, GOVERNMENT FINANCES, GOVERNMENT POLICIES, INCOME STREAM, INFLATION, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE PENETRATION, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INTEREST RATE, INTEREST RATE SPREADS, INTEREST RATES, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL STANDARDS, INVESTMENT CLIMATE, INVESTMENT FUND, INVESTMENT FUNDS, INVESTOR BASE, ISSUANCE, JOINT-STOCK COMPANIES, JUDICIAL SYSTEM, LEGAL AUTHORITY, LEGAL CONSTRAINTS, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL SYSTEM, LENDERS, LIFE INSURANCE, LIFE INSURANCE PREMIUMS, LIQUIDATION, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY RISKS, LIVING STANDARDS, LOAN, LOAN PORTFOLIO, LOAN SIZE, LOCAL STOCK EXCHANGES, LONG-TERM LOANS, MACROECONOMIC STABILITY, MARKET DISCIPLINE, MARKET FOR GOVERNMENT SECURITIES, MARKET INFRASTRUCTURE, MARKET INTEREST RATES, MARKET INTERMEDIARIES, MARKET LIQUIDITY, MARKET PARTICIPANTS, MARKET PLAYERS, MARKET PRACTICES, MARKET TURNOVER, MATURITY, MICRO CREDIT, MICRO FINANCE, MICRO FINANCE INSTITUTION, MICRO FINANCE INSTITUTIONS, MICRO-FINANCE, MICROFINANCE, MICROFINANCE INSTITUTIONS, MINIMUM CAPITAL REQUIREMENTS, MONETARY POLICY, MORTGAGE, MORTGAGE BONDS, MORTGAGES, MUNICIPAL BONDS, NATIONAL BANK, NATURAL DISASTERS, NON-PERFORMING LOANS, NPL, OIL PRICES, PAWNSHOP, PAYMENT SYSTEM, PAYMENT SYSTEMS, PENSION, PENSION FUND, PENSION FUNDS, PENSION REFORM, PENSION SYSTEM, PENSIONS, POST OFFICE, POST OFFICE NETWORK, PRICE DISCOVERY, PRICE STABILITY, PROPERTY RIGHTS, PRUDENTIAL SUPERVISION, PUBLIC DEBT, REGULATORY FRAMEWORK, REMITTANCES, RESERVES, RETAIL INVESTOR, RETURN, RISK MANAGEMENT, RISK MANAGEMENT SYSTEMS, SAVINGS INSTRUMENTS, SAVINGS SERVICES, SECONDARY MARKET, SECURITIES MARKET, SECURITIES MARKETS, SETTLEMENT, SETTLEMENT SYSTEMS, SHAREHOLDERS, SHORT MATURITIES, SHORT-TERM CAPITAL, SMALL BORROWERS, SMALL ENTERPRISE FINANCE, STOCK EXCHANGE, STOCK EXCHANGES, STOCK MARKET, STOCK MARKET CAPITALIZATION, STRATEGIC INVESTOR, SUPERVISORY AUTHORITIES, SUPERVISORY AUTHORITY, TAX, TAX INCENTIVES, TAX TREATMENT, TERRORISM, TRADING, TRADING SYSTEM, TRADING SYSTEMS, TRANSPARENCY, TREASURY, TREASURY BILL, TREASURY BILLS, TURNOVER, WARRANTS