Belarus Statistical Report 2024

INTRODUCTION

Belarus is a presidential republic with a bicameral Parliament (Natsionalnoye Sobranie) composed of the Chamber of Representatives and the Council of the Republic.

It is a member of the Commonwealth of Independent States (CIS), the Organisation for Democracy and Economic Development (GUAM) and the Organisation of the Black Sea Economic Cooperation (BSEC). 

Having gained independence from what was the Soviet Union in 1990, Belarus is a founder member of the Russian-led Eurasian Economic Union, which was formalised in 2015. Belarus benefits from Russian support in the form of cheap energy and other subsidies which are unofficially estimated as equivalent to 15% of Belarus’s GNP. 

Belarus has maintained state control over key industries, including banking, although a gradual process of privatisation is under way. 

Unlike other countries in Eurasia, Belarus has shown no inclination in joining the European Union, but instead maintains a bilateral relationship, and Belarus participates in the Eastern Partnership and Baku Initiative, which are aimed at fostering discussions over trade, economic strategies and other issues of interest.

Political tensions between Belarus and neighbouring countries deepened in 2020 with the disputed 2020 presidential election, with sanctions being imposed on Belarus by the EU, Canada, the UK and the US, citing election interference and political oppression. Belarus’ growing economic and military cooperation with Russia was highlighted in the 2022 Russian invasion of Ukraine, which was in part conducted through Belarus. A large external debt burden, economic isolation and the prospects of new sanctions owing to Belarus’s security alignment with Russia over the conflict in Ukraine continue to hamper the country’s economic prospects in 2022-23.

Although digital banking penetration remains low compared to the rest of the Eurasian region, internet penetration has risen sharply in Belarus in recent years, while the mobile phone penetration was 121.3% as of 2022. Banks in Belarus have put digital channels at the centre of their growth strategies, while refocusing their branch networks to offload more transactions online. In tandem with this, internationally accepted mobile payment services like Apple Pay have been launched in Belarus.

The use of central bank digital currencies is an active area of development In Belarus, with the central bank encouraging initiatives making use of blockchain technology.

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

• THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
  
• READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
  
• INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
  
• THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

• UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
• CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.

PRODUCT INFORMATION

Digital product provided in PDF format. You will receive a download link to a zip file containing your files after checkout. 

VERSION

Version 1.1 - last updated 09/05/2024