In line with Decree No. 576, the Finance Ministry of Belarus was instructed to increase the authorized capital of a number of state-owned banks by Br4.1 trillion. The decree was signed on 28 December 2013 and posted on the National Legal Internet Portal, BelTA has learnt.The document adjusts individual indicators of the state budget for 2013 and makes amendments to Decree No. 126 as of 14 March 2013 “Concerning the adoption of the state investment program for 2013”. The Finance Ministry was authorized to transfer Br2.8 trillion to the authorized capital of the Development Bank of the Republic of Belarus. Br1 trillion of the amount will be raised by selling long-term government bonds to the Development Bank. The interest rate on the bonds will equal the refinancing rate of the National Bank. The Development Bank will also be able to exchange these bonds for other types of bonds at the end of the maturity period. The remaining Br1.8 trillion that will be contributed to the authorized capital of the bank is the surplus of the national development fund that accumulated by 1 January 2013. The authorized capital of Belinvestbank will be augmented by Br600 billion by means of selling long-term government bonds to the bank with no interest rate. The bank will be able to exchange these bonds for other types of bonds at the end of the maturity period.The authorized capital of Belarusbank and Belagroprombank are to be expanded by Br500 billion and Br200 billion respectively using the surplus of the national development fund that accumulated by 1 January 2013.
Written by belta.by
