Banks in Belarus

National Bank

Main article: National Bank of the Republic of Belarus

Chronicle

2023: Russia and Belarus complete integration of national systems for the rapid transmission of financial messages

Belarus and Russia have completed the integration of national systems for the rapid transmission of financial messages. This was announced at the end of June 2023 by the Ambassador of Belarus to the Russian Federation Dmitry Krutoy. Read more here.

2020

The largest banks in Belarus in terms of assets for August 2020

1990: The National Bank of the Republic of Belarus was established, specialized state-owned banks were transformed into commercial banks: Belagroprombank, Belvnesheconombank, Belbusinessbank, Belpromstroybank, Savings Bank

The restructuring that began in 1985 laid the foundation for the transition of the existing monetary system to a new qualitative state, the beginning of the formation of a two-level banking system. In December 1990, the Supreme Council of the Belarusian SSR adopted Laws "On the National Bank of the Republic of Belarus" and "On Banks and Banking Activities in the Republic of Belarus." All institutions of banks of the USSR in Belarus were declared its property. On the basis of the Belarusian Republican Bank of the State Bank of the USSR, the National Bank of the Republic of Belarus was created.

Specialized state banks have been transformed into joint-stock commercial banks: Belagroprombank, Belvnesheconombank, Belbusinesbank, Belpromstroybank, as well as the Savings Bank.

1987: Belarusian branches of the State Bank, Vnesheconombank, Savings Bank, Promstroybank, Agroprombank, Zhilsotsbank of the USSR were established on the principles of self-billing

A major reorganization of the banking system was carried out in 1987. Belarusian republican banks were established with their branches of the State Bank, Vnesheconombank, Savings Bank, Promstroybank, Agroprombank, Zhilsotsbank of the USSR, which operated on the principles of self-financing and self-financing.

1959: Functions of specialized banks transferred to the State Bank and the Construction Bank of the USSR

Soon after the completion of the recovery period, a corresponding restructuring of the monetary system and further expansion of the bank's credit ties with the national economy were required. Already in 1959, the banking system was reorganized. Specialized banks were abolished, and their functions were transferred to the state bank and the Construction Bank of the USSR. Since 1959, the banking system of Belarus has been represented by institutions of the state bank and Promstroybank of the USSR.

1932

As a result of the restructuring of the banking system from 1932 to 1959, the following functioned in Belarus: Communal Bank; offices with branches of the USSR State Bank, USSR Prombank, USSR Agricultural Bank, and until 1957 the USSR Torgbank.

1923-1924: Branches of all-Union banks: Prombank, All-Union Cooperative, Torgbank

In 1923-1925, branches of all-Union joint-stock banks began to operate in the republic: Prombank, All-Union Cooperative, and since 1936 - Torgbank. During these years, a system of local banks was formed. In 1923, the Gomel Workers Bank was opened, which about a year later was transformed into a local communal bank. In 1925, Belkommunbank was created.

In order to concentrate free funds for lending to the needs of agriculture, district associations of agricultural credit were organized: Belorussian, Gomel, Vitebsk, Orshan, Kalinin, Bobruisk, Mogilev, Mozyr and Polotsk. The Belarusian partnership in 1924 was transformed into Belselbank, which took on the main role of lending to the village. The activities of the state bank and specialized banks in those years were completely subordinate to the restoration and reconstruction of the national economy.

These nodal problems could only be solved on the basis of hard currency, therefore, with the transition to NEP, the course was taken to strengthen the monetary system. In 1922-1924, monetary reform was carried out. A monetary system was created, and the state bank became the issue center of the USSR and the regulator of monetary circulation. The introduction of a sustainable currency had a beneficial effect on the rise in production and the strengthening of the entire economy as a whole.

1873: The charter of the Minsk Commercial Bank was approved

Initially, the State Bank remained the largest commercial bank in the Russian Empire, since the 1870s. its position began to change due to the development of non-state credit institutions. Forming a clientele, they lured borrowers with preferential lending conditions.

The exposition of the National Bank for the History of Financial Institutions presents tickets and an action of the Minsk Commercial Bank in denomination of 250 rubles of the 1896 issue. It is known that on April 21, 1873, the Minister of Finance of the Russian Empire approved the Charter of this bank, and on September 10 he began work. The founders of the bank were representatives of local business. The fixed capital when created was determined at one and a half million rubles.

In accordance with the Charter, the Minsk Commercial Bank had the right to register promissory notes, receive payments on securities and promissory notes, transactions with precious metals, accept deposits, store values, transfer money to the cities where its branches were located. The bank had its representative offices not only in Belarus - in Gomel, Mogilev, Pinsk, but also in other cities of the empire: Libava, Romny, Konotop, Zhitomir, Belaya Tserkva, Cherkasy, Vorozhba, Sumy, Rivne.

As a result of the reform of banking in the Russian Empire carried out in the second half of the 19th century, an extensive credit system was created by the beginning of the 20th century, a new type of banks were organized, qualitatively different banking operations appeared and received great development. The credit system included the State Bank, commercial joint-stock banks, mortgage banks, mutual credit companies, city banks, credit cooperation. All this was a fairly stable, well-coordinated system until 1917.

1870: Decree of the Senate of the Russian Empire on the establishment of the first private city public bank in Gomel

The research of archival materials, the study of collections of financial documents and securities made it possible to obtain irrefutable documentary evidence that the first banking institution in the territory of modern Belarus appeared on January 8, 1870, when the Decree of the Senate of the Russian Empire was signed on the establishment of a city public bank in Gomel. Since that time, the history of the formation and development of the banking system of Belarus originates.

Why did the small Gomel, and not a large provincial center, become the first Belarusian city to have a bank? The fact is that in the second half of the 19th century, intensive railway construction was launched in the Russian Empire, including in the territory of modern Belarus. So, in 1862, the highway St. Petersburg Warsaw passed through Grodno, in 1868 the stations Vitebsk and Polotsk were marked on the Riga-Oryol line, in 1871 the road - Moscow Brest connected Orsha, Borisov, and Minsk Baranovichi.

Each region through which the railway passed received a powerful incentive for economic growth, since railway construction was under state patronage. It is no coincidence that the State Bank of the Russian Empire, established in 1860 by Emperor Alexander II, almost immediately after its opening, began active lending to the construction of railways. Already in 1861-1864 they were allocated large sums to the Main Society of Russian Railways.

The Belarusian Gomel did not stay away from the ongoing processes. After the abolition of serfdom in Russia, business activity in Gomel significantly increased, through the city began the construction of the Libavo-Romny railway connecting Ukraine with the Baltic States, as well as the Polesskaya railway connecting the entire southern part of modern Belarus, Poland, Ukraine. All this led to a very rapid influx of population. To solve pressing issues of urban life, a full-fledged financial institution was necessary. Perhaps this is due to the emergence of the corresponding decision of the Senate on the establishment of a city public bank in Gomel.

His fixed capital at the institution was determined at 20 thousand rubles. The museum fund of the National Bank stores a check of this bank - undeniable "material evidence" of the bank's existence. Like many other city banks, this is the first private commercial monetary institution in Belarus to issue long-term loans at the behest of city and construction sites. The capital of these banks was formed from the city budget, and mainly medium and small entrepreneurs were credited. Loans were also provided to the city government, the local zemstvo, and the profit from operations was deducted for the needs of urban improvement and charitable purposes.

Notes