The National Bank of the Republic of Belarus (NBRB) announced Wednesday that it will create national rating agencies.
The need for local competitive agencies on the global scale comes from the fact that 90 percent of the global ratings market is held by only three companies.
“We have plans to set up a number of national rating agencies. We believe that this approach will be efficient and will promote healthy competition in the market of rating services,” Chairwoman of the Board of NBRB Nadezhda Yermakova said.
Countries around the world began creating these agencies in 2009 to provide a clearer picture of the economic climate on a domestic scale and an international one. With domestic agencies there will be increased accessibility to the information the agencies provide.