Belarus is considering the establishment of national rating agencies. This was announced on ONT television channel by Taras Nadolny, First Deputy Chairman of the Board of the National Bank, according to BELTA.
Belarus is considering the establishment of national rating agencies. This was announced on ONT television channel by Taras Nadolny, First Deputy Chairman of the Board of the National Bank, according to BELTA.
Speaking about the financial market development program, which the National Bank plans to present in the near future, Taras Nadolny noted that "primarily, these are points that truly stimulate the creation and development of the financial market." "In particular, we anticipate the establishment of national rating agencies, the creation of new financial institutions such as investment funds and hedge funds. We assume that the functions of a mega-regulator for the financial market will be concentrated within the competence of the National Bank, which will allow a single state body to implement all the best international banking practices, and not only banking, but financial practices in general – practices based on transparency and unified approaches," he explained.
As reported, the draft decree on empowering the National Bank with the functions of a financial market mega-regulator is already with the Presidential Administration. "In the near future, we plan to present the financial market development program for public review. This will happen after the completion of all procedures for concentrating the mega-regulator functions within the National Bank. The corresponding draft decree has been submitted to the Presidential Administration, and work on it is currently underway," informed Taras Nadolny.