Tasks and Functions of the National Bank
Look through the list of English words and their Russian equivalents before reading the text:
| 1. to be accountable to (v) | быть ответственным перед кем-либо |
| 2. to appoint (v) | назначать |
| 3. subject to approval (n) | подлежать утверждению |
| 4. implementation (n) | выполнение |
| 5. interest rate (n) | процентная ставка |
| 6. to issue (v) | выпускать |
| 7. legislation (n) | законодательство |
| 8. to draft (v) | составлять |
The National Bank of Belarus occupies the central position in the country’s banking system and is accountable to the Parliament. The Head of the National Bank is appointed by the President. His deputies and members of the board are appointed by the Presidium of the Parliament.
The National Bank is an independent institution acting within the limits of the legislation and its Charter. The Charter is the subject to approval by the Parliament. The Bank sends annual reports of its activities to the Parliament.
In cooperation with the government, the National Bank drafts and sends to the Parliament the guidelines for financial and credit policies for the coming year and reports the implementation of such policies in the previous year.
The National Bank regulates inflation chiefly by internationally accepted economic means, such as interest rates, minimum requirements for banking services and activity on the open financial market.
The National Bank acts as a creditor, economic advisor and representative of the government on the financial market.
The National Bank participates in the work of international organizations. It co-operates with the International Monetary Fund, World Bank and European Bank for Reconstruction and Development and foreign banking and financial control institutions.
The main functions of the National Bank are:
- develop and pursue monetary policy of the Republic of Belarus jointly with the government of the Republic of Belarus;
- to issue money;
- to regulate money circulation;
- to regulate credit relations;
- to carry out foreign exchange regulation;
- to act as a central depository.
The National Bank does not provide crediting to economic entities. Under the current legislation, crediting, cash collection and other financial services are provided to economic entities by commercial banks.
Ex.1. Match the English words with the appropriate Russian equivalents:
| 1.advisor | a) разрабатывать |
| 2. representative | b) выполнять |
| 3. to develop | c) предоставлять |
| 4. to carry out | d) консультант |
| 5. economic entity | e) представитель |
| 6. to provide | f) финансовые услуги |
| 7. money circulation | g) экономическая единица |
| 8. financial services | h) основные направления |
| 9. interest rate | i) денежное обращение |
| 10. guidelines | j) процентная ставка |
Ex.2.Give English equivalents from the text:
Занимать центральное положение, быть ответственным перед кем-либо, банковские услуги, заместители главы Национального банка, ежегодные доклады, совместно с правительством, регулировать инфляцию, минимальные требования, экономический консультант, представитель государства, экономическая единица, предоставлять, Международный Валютный Фонд, Всемирный Банк, денежное обращение.
Ex3. Say whether these statements are right or false:
1. The National Bank of Belarus is accountable to the President.
2. The Head of the National Bank is appointed by the Presidium of the Parliament.
3. The Charter is the subject to approval by the government.
4. The National Bank regulates inflation by internationally accepted economic means.
5. The National Bank acts as a creditor, economic advisor and representative of the government on the financial market.
6. The National Bank doesn’t participate in the work of international organizations.
7. The National Bank provides crediting to economic entities.
8. The National Bank regulates money circulation.
Ex.4. Answer the questions:
1. What position does The National Bank occupy?
2. By whom is the Head of the National Bank appointed?
3. Is the National Bank accountable to the Parliament or to the President?
4. What does the National Bank draft and send to the Parliament in cooperation with the government?
5. By what means does the National Bank regulate inflation?
6. With what international organizations does the National Bank cooperate?
7. What are the main functions of the National Bank?
8. What financial institutions provide crediting to economic entities?
Ex.5. Complete the sentences:
1. The National Bank of Belarus occupies the central position …
2. The Head of the National Bank is…
3. The National Bank is an independent institution…
4. In cooperation with the government, the National Bank drafts and sends to the Parliament…
5 The National Bank regulates inflation chiefly by internationally accepted economic means…
6. The National Bank acts as a creditor…
7. The National Bank participates in the work of international organizations…
8. The main functions of the National Bank are…