The Belarusian authorities plan to develop Minsk’s financial sector into a regional financial centre, serving also neighbouring countries with a broad range of financial services. There are a number of important advantages connected with a regional financial centre beyond the economic benefits mentioned above.
A basic prerequisite in any major international financial centre is the convertibility of the capital accoun. In order to reach this objective, a medium-term gradual strategy of capital account liberalisation is required. The authors identify six areas, which are of paramount importance for a regional financial centre:
the macroeconomic environment
the banking sector
non-bank financial institutions
the legal environment
as well as a number of soft factors
Each of these areas has to meet certain ambitious objectives if the aim of successful regional centre is to be achieved.