Belarus, Russia to sign agreement on financial market supervision

MINSK. June 14 (Interfax) - The Belarusian government has authorized Belarusian Finance Minister Yury Seliverstov to sign an agreement with the Finance Ministry and the Russian Central Bank regarding supervision over the financial market, the Council of Ministers said in a resolution, which was published on the National Legal Website on Wednesday.

In accordance with the document, the agreement will be concluded between the government and the Belarusian National Bank on the one hand and the government and the Central Bank of Russia on the other. The agreement stipulates the exchange of information, including confidential information, in the area of supervision and (or) control over the financial market.

Seliverstov is authorized to make non-essential changes to the draft agreement and sign it when an agreement is reached within the scope of the endorsed draft.

Belarusian President Alexander Lukashenko approved the draft agreement by his decree in April.

The document will be signed in order to make the financial markets more reliable and sustainable, the presidential press service said. The agreement defines the ways of information sharing between the Belarusian and Russian supervisory authorities in the supervision and monitoring of financial markets. The procedure for joint inspections of financial market participants having cross-border institutions and the possibility of setting up joint supervisory boards are also envisioned.