The National Bank of Belarus has increased the required minimum level of authorized capital for banks from five million to €25mln.
The new rules will apply only to banks that will be established or reorganized after their entry into effect. However, the NBB is said to be planning to require all banks registered in Belarus to meet the capital requirement by January 1, 2015.
“The prospect of the creation of the Eurasian Economic Union and Belarus' enrolling World Trade Organization prompts one to think about countering foreign banks' expansion, increasing the competitive capacity of Belarusian banks,” said NBB Deputy Chairman.
He also noted that the tighter capital requirements would bar “non-transparent” capital from the Belarusian banking sector.