History of the development of the joint-stock company "Belarusian currency and stock exchange" started on May 14, 1993, when eighteen banks of the Republic of Belarus established a closed-type joint-stock company "Interbank Currency Exchange".

 Its main task was organizing trading in foreign currencies.

In 1994, the Ministry of Finance of the Republic of Belarus issued first certificateless government short-term bonds, forming the ground for the development of the government securities market in Belarus. At that stage the Interbank Currency Exchange acted as a registrar of GSTB transactions in the secondary market, and prepared the regulatory and soft- and hardware base for organizing electronic trading in government bonds.

In addition, auctions of credit resources of the National Bank and commercial banks were regularly held on the trading floor of the stock exchange in 1994-1995.

In September 1996, closed-type joint-stock company "Interbank Currency Exchange" was transformed into a public institution of the National Bank of the Republic of Belarus "Interbank Currency Exchange". It acted as a subsequent proprietor of the functions of CJSC "Interbank Currency Exchange." The main objectives of National Bank’s new subdivision structure remained the organization of trading in foreign currencies and registration of transactions in government securities, participation in the infrastructure development program and the establishment of the organized government loans market. By the end of 1997, the Interbank Currency Exchange created all conditions for the secondary circulation of government bonds and National Bank's bonds on the organized market. First trades were launched on January 16, 1998.

In accordance with the Presidential Decree "On Improving the System of State Regulation in the Securities Market" as of 20.07.1998 No. 366 it was decided to establish a joint stock company "Belarusian currency and stock exchange" (the JSC "BCSE") on the basis of the state-run Interbank Currency Exchange and to grant it the rights to organize exchange trading in financial assets, including foreign exchange assets and all kinds of securities except personal privatization checks "Imuschestvo" (Property).

In 1994, the Ministry of Finance issued the first book-entry government short-term bonds, establishing the ground for the formation and development of the government securities market in the country. At this stage the JSC "BCSE" registered GSTB transactions in the secondary market, and developed regulatory and soft-and hardware basis for electronic trading in government bonds.