The project will be implemented by the consortium of banks: Deutsche Bundesbank, Narodowy Bank Polski and the Bank of Lithuania. The budget of the project is EUR1.15 million; the term of implementation – 2018-2019.
As part of implementation of the project it is planned to take a number of actions aimed at strengthening the payment system and improving financial stability, banking supervision and financial risk management. In addition, the participants of the project intend to enhance protection of the financial services consumers and the National Bank’s information policy.
“The Twinning Project has a great importance in the context of implementation of the partner banks’ best practices and ensuring stability of the Belarusian banking system as a whole”, said Sergei Kalechits during the signing ceremony.
“The Deutsche Bundesbank together with Narodowy Bank Polski and the Bank of Lithuania takes pleasure in assisting the National Bank of the Republic of Belarus in implementing modern central banking structures and procedures. We welcome the European initiatives for the benefit of the Republic of Belarus and look forward to a mutually beneficial cooperation”, said Martin Dinkelborg.
“The first twinning project is aimed at strengthening the National Bank of Belarus’s capacity to perform its key functions as the central bank. As a result of the increased professional capacity of the staff, we expect lower inflation, more stable Belarusian ruble, stronger banking supervision, more reliable payment system and better general trust in the system for the benefit of the Belarusian people and economic actors”, noted Andrea Wiktorin.
The signing ceremony was also attended by representatives of the Ministry of Foreign Affairs of the Republic of Belarus and heads of the diplomatic missions of the Federal Republic of Germany, Republic of Poland and Republic of Lithuania.