Central Bank Independence in Transition Economies

1B. Objectives, Formulation of Monetary Policy and Relations with other 

State Institutions 

The main tasks of the Bank are regulating monetary circulation, coordinating 

monetary and credit activities, developing and supporting credit institutions “in 

accordance with the state policy of the Republic of Belarus” (Art. 2). The Bank is 

independent from other State bodies (Art. 4) but accountable to the Parliament (Art. 1). 

The Bank presents to the Parliament the annual report on its activity, financial affairs 

and the balance of the banking system (Art. 14). The NBRB and the Government 

prepare the draft of guidelines for the monetary policy for the following year. The 

project is presented to the Parliament together with the annual report on policy 

                                              

1

 Source: Law „On the National Bank of the Republic of Belarus”, 14 December 1990. 

---