National Bank drops plans to regulate closed-end leasing market

 

The National Bank of Belarus (NBB) has abandoned plans to regulate the country's closed-end leasing market, Alyaksandr Tsybulka, head of an association of businesses operating in the industry, told reporters in Minsk on Thursday.

The NBB considered extending its regulatory powers to closed-end leasing but dropped the idea after weighing all pros and cons. The market will continue to be regulated by the economy ministry.

Institutions running closed-end leasing schemes include some 40 specialized companies and banks. The share of the latter in the industry increased from four percent in 2011 to 25.5 percent last year.

Vehicles account for nearly 60 percent of all property leased under the system in Belarus. // BelaPAN