Bank of Russia and National Bank of the Republic of Belarus sign memorandum of understanding on banking supervision

The document was signed on 24 September 2017 in the course of the regular meeting of the Interbank Currency Council of the Central Bank of the Russian Federation and the National Bank of the Republic of Belarus.

The memorandum is intended to deepen bilateral cooperation and information sharing between the two countries’ central banks in the field of banking supervision; it is also executed to update the agreement for cooperation in the field of banking supervision the Bank of Russia and the National Bank of the Republic of Belarus signed on 7 October 2005.

The document was signed by Bank of Russia Governor Elvira Nabiullina and Pavel Kallaur, Chairman of the Board of the National Bank of the Republic of Belarus.

In the course of the meeting, the two regulators’ representatives also reviewed current issues of bilateral cooperation.

In turn, the Interbank Currency Council members discussed the current economic situation, as well as the key monetary policy guidelines of Russia and Belarus for 2018.

The parties exchanged information on movements in global foreign currency reserves and foreign currency liquidity. They also discussed the progress made to date on the implementation of Basel Committee on Banking Supervision recommendations in Russia and Belarus.