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Banks - participants of closed auctions and additional
distributions of state securities need to obtain the status of primary
investors, as well as a license from the State Securities Committee for
conducting commercial and intermediary transactions. Today twenty-one banks of
the Republic of Belarus are primary investors at the state securities market.
2.
At the stock
exchange (Regulations of the Council of Ministers and the National bank of the
Republic of Belarus on the secondary state securities market of the Republic of
Belarus and the National bank securities, as of November 1998, #1681/63;
Regulations on conducting transactions with state and National bank securities
at the public corporation "Belarusian currency and stock exchange" as
of 23.11.1999, #42; trading day regulations on conducting transactions with
state and National bank securities at the public corporation "Belarusian
currency and stock exchange" as of 01.03.2000):
Professional participants of the securities market of the Republic of
Belarus, members of the stock section can conduct transactions at the exchange.
Main types of transactions:
·
Transactions
before redemption (one of the participants acquires bonds before redemption)
·
REPO transactions
(conducted by banks - participants of auctions with the following liabilities:
·
For the seller -
redeeming the bonds at a later date.
·
For the buyer -
selling the bonds at a later date.
The market of REPO transactions exists since the year 1995. The
main types of transactions are:
·
The National bank
daily deals with the liquidity of primary investors' banks by conducting REPO
transactions.
·
Inter-dealer REPO
transactions are also conducted at the stock exchange.
At the public
corporation "Belarusian currency and stock exchange" auctions are
conducted daily from 10:30 a.m. till 15:30 p.m., except for the week-end and
holidays. One of the basic principles, applied at the auctions is
"delivery against payment".
The first closed
auction on the distribution of state securities was conducted on the fifth of
February, 1994. 240 closed auctions have taken place in the period 05.02.1994 -
01.01.2000. Today auctions are organized on a regular basis, generally on
Tuesdays. Additional distributions of state securities take place practically
every day.
State securities to the
amount of 90 billion roubles are in circulation as of 01.02.2001 (which makes
75 million USA dollars). The Ministry of Finance never fails to conduct the
redemption of bonds.
The following terms of
state securities circulation in the Republic of Belarus have been established:
from1 month to 1 year for state short-term bonds, from 1 to 3 years for state
long-term coupon bonds.
Yield on state
securities in the Republic of Belarus is based on the refinancing rate, set by
the National bank (75% a year).
Non-residents can
purchase state securities at primary distributions (auctions, additional
distributions) and at the secondary market (exchange trade). Two special types
of accounts are used by non-residents:
·
Type
"T" accounts (regulations
on conducting currency transactions in the Republic of Belarus as of 1.08.1996,
#768) can be opened only by non-resident representative offices and
subsidiaries, registered in the Republic of Belarus. Type "T"
accounts can not be used for buying foreign currency at the home currency
market of the Republic of Belarus.
·
Type
"C" accounts are
based on the national monetary unit of the Republic of Belarus. These accounts
are usually established by legal bodies, non-residents of the Republic of
Belarus, for investing funds into state or National bank securities.
In order to conduct
transactions with type "C" accounts banks need to obtain special
authorization from the National bank of the Republic of Belarus (Priorbank,
Commerce and Industry Bank, and Technobank are eligible to deal with type
"C" transactions).
At the home currency
market of the Republic of Belarus non-residents can purchase foreign currency
from type "C" accounts only after it has been invested into state or
National bank securities.
In compliance with
article 10 of the law of the Republic of Belarus "Taxes on the income and
profit of enterprises, associations and organizations", the income of
foreign legal bodies, based on state securities, is not subject to taxation.
In compliance with the
Decree of the President of the Republic of Belarus as of 23.12.1999, #43 on
"Taxation of Income in Certain Fields of Activity", financial
intermediaries and insurance companies pay 30% rate taxes if selling bonds at
the secondary market at prices higher than the current ones.
Additional information
on state securities of the Republic of Belarus is offered at our site of the
Rater information agency (). Here one can view the results of auctions and
additional distributions of state securities. The site (http://bicex.minsk.by) of the "Belarusian Currency and
Stock Exchange" offers results of auctions, conducted at the secondary
market of state securities in the Republic of Belarus.
You can also contact us
at : (8-017) 226 82 97, 223 98 90.
Primary investors, participants of closed
auctions on the distribution of state securities of the Republic of Belarus.
1.
Belagroprombank
2.
Belarusian
Industrial Bank
3.
Belgasprombank
4.
Joint-stock
company "Priorbank"
5.
Zolotoi
Taler bank
6.
Belarusian
Narodnyi Bank
7.
Belarusbank
8.
Technobank
9.
Belpromstroibank
10.
Belbusinessbank
11.
Belvnesheconombank
12.
Minsk
Transit Bank
13.
RRB-Bank
14.
Absolutbank
15.
The
Mosbusinessbank branch in Minsk
16.
Slavneftbank
17.
Belarusian
Bank of Development
18.
Belarusian
Exchange Bank
19.
MinskComplexBank
20.
JAM-Bank
21.
Commercy
and Industry Bank
Participants of Securities Auctions. State
Securities Section.
1.
The
National Bank of the Republic of Belarus
2.
Belagropromstroibank
3.
Belvnesheconombank
4.
Belpromstroibank
5.
Belbusinessbank
6.
Belarusian
Exchange Bank
7.
Belarusian
People's Bank
8.
Belarusian
Bank of Development
9.
Zolotoi
Taler
10.
Minskcomplexbank
11.
Minsk Transit
Bank
12.
Belarusian
Industrial Bank
13.
Slavneftebank
14.
RRB-Bank
15.
Priorbank
16.
Mosbusinessbank
branch in Minsk
17.
Belgasprombank
18.
Belarusbank
19.
Absolutbank
20.
Jam-bank
21.
Infobank
22.
Belkoopbank
23.
Technobank
24.
Commerce and
Industry Bank
25.
Mezhtorgbank
26.
Belbaltia
27.
Poisk
28.
Moscow-Minsk
foreign bank
29.
Invalue
30.
Belintrast-F
31.
Investpromservice
32.
Intercapital
33.
Belmezhkominvest
34.
KNPM
35.
Belintrust-M
Authorized Depositaries of State Securities
of the Republic of Belarus
1.
Priorbank
2.
MinskComplexbank
3.
Belvnesheconombank
4.
Belarusbank
5.
Belgasprombank
6.
Belpromstroibank
7.
Belarusian
Exchange Bank
8.
Belagroprombank
9.
Belbusinessbank
10.
Absolutbank
11.
Minsk Transit
Bank
12.
Zolotoi Taler
bank
13.
Slavneftebank
14.
RRB-Bank
15.
Mosbusinessbank
branch in Minsk
16.
JAM-Bank
17.
Belarusian Bank
of Development
18.
Technobank
19.
Foreign bank
"Moscow-Minsk"