Belarus : Financial Sector Assessment
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 principa...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2009/11/11409067/belarus-financial-sector-assessment http://hdl.handle.net/10986/15922 |
| Summary: | 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. |
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