Level of Foreign Capital in Belarussian Banking System Grows

The quota for the share of foreign capital in the Belarussian banking system is being doubled. This decision was taken by the governing board of the republic's National Bank. Mikhail Zhuravovich, the Belarussian National Bank's press secretary, yesterday announced to journalists that 23 commercial banks currently have foreign capital in their authorised stock (there are 28 banks in the country). In 2002, four new banks were established in Belarus with the participation of foreign capital. 'Whereas in 2001 the Belarussian banking system received almost USD 9 million, in 2002 it received USD 18 million,' said Zhuravovich.

According to the National Bank's figures, on January 1, 2003 the share of foreign capital in the national banking system was 8.7%. The level of Russian capital in Belarussian banks remains very low at only 1.1%.