Day of Banking and Financial Workers of Belarus

On this day, every financier has the right to rest.On December 3, 1921, the Council of People’s Commissars of the BSSR adopted a resolution on the organization of the Belarusian office of the state bank in Minsk. At the same time, the Belarusian office of the state bank began to function on January 3, 1922.

From this date, the history of the formation and development of the banking system of Belarus begins.

In 1923-1925, branches of all-Union joint-stock banks began to operate in the republic: Prombank, All-Union Cooperative, and since 1936 - Sorgbank. During these years, a system of local banks was formed. In 1923, the Gomel Workers’ Bank was opened, which in about a year was transformed into a local communal bank. In 1925 Belkommunbank was established.

As a result of the restructuring of the banking system from 1932 to 1959 in Belarus functioned: Communal Bank; offices with branches of the State Bank of the USSR, Prombank of the USSR, Agricultural Bank of the USSR, and until 1957 and Sorgbank of the USSR.

One of the most important functions of the state banking system, including the Belarusian one, at all stages of its development was and remains work on the organization of monetary circulation. In this regard, a significant event was the implementation of monetary reform in 1947.

A fundamentally new stage began in the development of the country’s banking system with the acquisition of independence by Belarus. In December 1990, the Laws “On the National Bank of the Republic of Belarus” and “On Banks and Banking Activities in the Republic of Belarus” were adopted. All institutions of banks of the USSR on the territory of Belarus were declared its property. The National Bank of the Republic of Belarus was established on the basis of the Belarusian Republican Bank of the State Bank of the USSR. Specialized state banks were transformed into joint-stock commercial banks: Belagroprombank, Belvnesheconombank, Belbusinessbank, Belpromstroybank, as well as the Savings Bank. At the turn of the 80-90s, commercial banks began to be created on a shareholder and share basis. Among them are Belarusbank, Priorbank, Brestcombank, Complexbank, People’s Bank, BelSwissBank and others.