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Belarus to toughen banks’ nominal capital requirements

MINSK, 3 May (BelTA) – Belarus is set to increase the required minimal size of a bank’s authorized capital from €5 million to €25 million, Chairperson of the Board of the National Bank Nadezhda Yermakova has told the House of Representatives on 3 May, BelTA has learnt.

“We have passed a resolution that was later submitted to the President requiring those who want to register a bank in Belarus to invest €25 million instead of €5 million in the authorized capital,” Nadezhda Yermakova said. In her words, Belarus is ready to work with banks and financial institutions that have experience and reputation on other markets. “We do not want here people who do not understand what banking is,” she said.

When asked about the National Bank’s policy on commercial banks whose capital was depreciated by the devaluation, Nadezhda Yermakova noted that this depreciation was not the banks’ fault. “We have talked to virtually all banks whose capital was depreciated, their owners; we have developed and agreed on capital building schemes with them,” she said.

The chief of the National Bank emphasized that the Belarusian market is attractive to foreign capital. “Everyone would like to operate here. They see opportunities to earn and invest money in Belarus,” she said.

Nadezhda Yermakova pointed to a rather vivid interest in buying a bank or establishing a new one in Belarus. Paritetbank is a case in point. The talks to sell the bank are underway; there are pretty many potential buyers.