RESOLUTION OF THE BOARD OF DIRECTORS OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of December 31, 2002 No. 430

About approval of the Instruction about recalculation of the financial reporting by National Bank of the Republic of Belarus and banks in the conditions of hyperinflation

Based on article 26 of the Bank code of the Republic of Belarus and the resolution of Board of National Bank of the Republic of Belarus of December 27, 2001 "About authority delegation to the Board of directors of National Bank of the Republic of Belarus" the Board of directors of National Bank of the Republic of Belarus decides No. 329:

1. Approve the enclosed Instruction about recalculation of the financial reporting by National Bank of the Republic of Belarus and banks in the conditions of hyperinflation.

2. Determine that in case of recalculation by National Bank of the Republic of Belarus of the financial reporting for 2002:

2.1. recalculation of fund of revaluation of foreign currency (further - fund of revaluation) is performed as follows:

the base for recalculation is served by the counted amount of fund of revaluation for the beginning of accounting year (from the counted balance sheet for 2001);

the counted amount for the beginning of accounting year is multiplied by the inflation index for accounting year. The result will represent the counted amount for the end of accounting year (further - the counted amount);

the result from recalculation for accounting year represents difference between the counted amount and the counted amount for the beginning of accounting year;

in the balance sheet and the report on profit and losses the following adjustments are made:

the reserve fund increases by result from recalculation for previous years and by result from recalculation for accounting year;

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