The National Bank of the Republic of Belarus (NBRB), the central banking authority of the country, has announced that organizations providing microfinance services in the country have six months to register with the bank to comply with the guidelines set forth in “Decree No. 325,” a presidential order “on the raising and provision of loans, the operation of microfinance organizations” [1]. The decree, which was signed in June 2014 and came into effect during January 2015, states that consumers will be able to access microloans for consumer needs from pawnshops while the other microfinance organizations will be allowed to provide loans for business purposes only. While the details of the decree are not available, it is intended to improve how loans are raised and disbursed, promote entrepreneurship and protect consumers [2].
So far, microfinance organizations Stolichny Klub and SelektPromFinans have registered with NBRB under the decree [3].
By Nisha Koul, Research Associate
About the National Bank of the Republic of Belarus (NBRB): Established in 1922, NBRB is the central banking authority of Belarus. The main objectives of NBRB include maintaining the stability of the nation’s banking system, currency and interbank settlement systems. NBRB is also engaged in researching and developing policies on financial inclusion.
Sources and Additional Resources:
[1] Belarusian News, Expert: Belarus’ microfinance market will be growing more professional
[2] President of the Republic of Belarus, Decree No. 325 of 30 June 2014
[3] Belarusian News, First Belarus’ micro-lenders registered with National Bank
MicroCapital Story, Belarus Drafts Decree Regulating Microfinance Industry
MicroCapital Universe Profile, National Bank of the Republic of Belarus (NBRB)
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