Long-Serving Belarus Forex Regulator Official Dismissed from National Bank

Dmitry Nabzdorov, a long-time senior official widely regarded as a key figure in the development of Belarus's regulated forex market, has been dismissed from the National Bank of Belarus and other state bodies. Nabzdorov previously headed the National Bank's Main Directorate for Regulation of Non-Credit Financial Organisations and Investment Operations until around December last year.

Nabzdorov spent nearly 25 years at the National Bank, but no official explanation has been given for his departure. His LinkedIn profile still lists him as holding positions at the National Bank and other institutions. However, sources familiar with the situation said that his duties are currently being carried out by deputy head Nikolai Dik, with no permanent replacement yet appointed.

Until recently, Nabzdorov also reported serving as a member of the supervisory board of the Agency for Guaranteed Compensation of Bank Deposits. The agency's website now states that his powers have been suspended in line with its charter, which provides for dismissal from the supervisory board of state institutions established by the Council of Ministers and the National Bank.

His LinkedIn profile continues to list him as chairman of the supervisory boards of Belarusian bank Dabrabyt and the Centre of Banking Technologies, although there has been no official confirmation of this from either organisation.

A graduate of the Belarusian State Economic University and the Academy of Public Administration under the President of Belarus, Nabzdorov was a consistent advocate of developing the over-the-counter market within a regulatory framework. In recent public events, however, commentary on the development of the regulated forex segment has increasingly been delivered by other National Bank officials, including deputy heads of the relevant directorate, suggesting a shift in representation even before his dismissal.