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The banking system of Belarus was created in the early 1990s on the basis of Soviet banks which were located on its territory. It comprises two levels: the National Bank as well as commercial banks and non-banking financial institutions. The National Bank is a state agency which is independent of the government and which reports to the President of Belarus. It not only regulates the commercial banks by decree, but also holds stakes in some banking institutions.

What sets the Belarusian banking system apart is a high concentration of assets and liabilities in state banks.

 The Law N226-3 dated 22 July 2003 On Foreign Exchange Regulation and Currency Control lays down the key principles of the foreign exchange market. 

The National Bank of Belarus exercises strict controls over the opening of bank accounts by Belarusian residents both in Belarus and abroad to reduce illegal capital outflows and financial machinations.