World Bank2013-09-272013-09-272009-11https://hdl.handle.net/10986/15922The 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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTABILITY STRUCTUREACCOUNTINGACCOUNTING STANDARDSAGRICULTURAL BANKASSET QUALITYASSET-BACKED SECURITIESAUCTIONSBALANCE OF PAYMENTSBALANCE SHEETSBANK ACCOUNTBANK BRANCHESBANK CREDITBANK LENDINGBANKING ASSETSBANKING LAWBANKING SECTORBANKING SYSTEMBANKRUPTCIESBANKRUPTCYBROAD MONEYCAPITAL ADEQUACYCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCENTRAL BANKCENTRAL DEPOSITORYCOLLATERALCOMMERCIAL BANKSCORPORATE BONDSCORPORATE GOVERNANCECREDIBILITYCREDIT AGENCIESCREDIT BUREAUCREDIT CULTURECREDIT DECISIONSCREDIT INFORMATIONCREDIT INFORMATION BUREAUCREDIT INSTITUTIONSCREDIT MARKETCREDIT RISKCREDIT UNIONCREDIT UNIONSCREDITORCREDITOR RIGHTSDEBT MANAGEMENTDEBT MARKETDEBT OUTSTANDINGDEBT SERVICEDEMAND FOR CREDITDEPOSITDEPOSIT TAKING INSTITUTIONSDEPOSITORSDEPOSITSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDUE DILIGENCEECONOMIC DEVELOPMENTENFORCEMENT POWERSEXPORT GROWTHEXTERNAL BORROWINGFINANCIAL DEVELOPMENTFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIATIONFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL CAPACITYFISCAL CONSTRAINTSFISCAL DECENTRALIZATIONFIXED INVESTMENTSFLOATING EXCHANGE RATEFOREIGN BANKSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE RISKFOREIGN EXCHANGE RISKSGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT DEBTGOVERNMENT FINANCESGOVERNMENT POLICIESINCOME STREAMINFLATIONINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE INDUSTRYINSURANCE MARKETINSURANCE PENETRATIONINSURANCE PREMIUMSINSURANCE PRODUCTSINTEREST RATEINTEREST RATE SPREADSINTEREST RATESINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL STANDARDSINVESTMENT CLIMATEINVESTMENT FUNDINVESTMENT FUNDSINVESTOR BASEISSUANCEJOINT-STOCK COMPANIESJUDICIAL SYSTEMLEGAL AUTHORITYLEGAL CONSTRAINTSLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL SYSTEMLENDERSLIFE INSURANCELIFE INSURANCE PREMIUMSLIQUIDATIONLIQUIDITYLIQUIDITY MANAGEMENTLIQUIDITY RISKSLIVING STANDARDSLOANLOAN PORTFOLIOLOAN SIZELOCAL STOCK EXCHANGESLONG-TERM LOANSMACROECONOMIC STABILITYMARKET DISCIPLINEMARKET FOR GOVERNMENT SECURITIESMARKET INFRASTRUCTUREMARKET INTEREST RATESMARKET INTERMEDIARIESMARKET LIQUIDITYMARKET PARTICIPANTSMARKET PLAYERSMARKET PRACTICESMARKET TURNOVERMATURITYMICRO CREDITMICRO FINANCEMICRO FINANCE INSTITUTIONMICRO FINANCE INSTITUTIONSMICRO-FINANCEMICROFINANCEMICROFINANCE INSTITUTIONSMINIMUM CAPITAL REQUIREMENTSMONETARY POLICYMORTGAGEMORTGAGE BONDSMORTGAGESMUNICIPAL BONDSNATIONAL BANKNATURAL DISASTERSNON-PERFORMING LOANSNPLOIL PRICESPAWNSHOPPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPENSION FUNDPENSION FUNDSPENSION REFORMPENSION SYSTEMPENSIONSPOST OFFICEPOST OFFICE NETWORKPRICE DISCOVERYPRICE STABILITYPROPERTY RIGHTSPRUDENTIAL SUPERVISIONPUBLIC DEBTREGULATORY FRAMEWORKREMITTANCESRESERVESRETAIL INVESTORRETURNRISK MANAGEMENTRISK MANAGEMENT SYSTEMSSAVINGS INSTRUMENTSSAVINGS SERVICESSECONDARY MARKETSECURITIES MARKETSECURITIES MARKETSSETTLEMENTSETTLEMENT SYSTEMSSHAREHOLDERSSHORT MATURITIESSHORT-TERM CAPITALSMALL BORROWERSSMALL ENTERPRISE FINANCESTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTRATEGIC INVESTORSUPERVISORY AUTHORITIESSUPERVISORY AUTHORITYTAXTAX INCENTIVESTAX TREATMENTTERRORISMTRADINGTRADING SYSTEMTRADING SYSTEMSTRANSPARENCYTREASURYTREASURY BILLTREASURY BILLSTURNOVERWARRANTSWorld Bank10.1596/15922