NBRB to regulate Belarus financial market more

        The National Bank of Belarus plans to expand its functions relating to the regulation, development, and supervision of Belarus’ financial market. The relevant proposals have been forwarded to the Belarusian government, NBRB Deputy Chairman of the Board Sergei Dubkov told media.
Sergei Dubkov said: “The development of the financial market and the prevention of relevant excesses on the market are under consideration now. Relevant proposals of the National Bank have been sent to the country’s government”. He remarked that at present the possibility of giving the megaregulator status to the Central Bank of Russia is under consideration in Russia. Similar examples can be found in other countries, too.
       In his words, the decision to suggest giving more regulatory power to the NBRB has been necessitated by the past. In spring 2012 joint efforts of the State Security Committee (KGB), the Interior Ministry, and the National Bank put a stop to the operation of the financial pyramid MMM. “We were one of the first to take effective measures to curb the operation of the organization. The measures have allowed preventing a considerable financial damage to citizens of the country,” pointed out Sergei Dubkov. A range of other countries have followed Belarus’ example.