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Introduction. Distribution relations and their results have a direct impact on economic growth due to the fact that they form the final proportions of the distribution of national income (ND) in society. The content of the distribution process allows us to unequivocally assert that the financial market is the most important sphere of the state financial system and the provider of financial resources for economic growth. The experience of developed countries shows that, the higher the saturation of the economy with financial resources, the better is the rate of economic growth, other things being equal.

Research methods: Scientific research is based on the use of scientific abstractions, analysis and synthesis, system approach, induction and deduction, observation and fact collection, graphical method and modeling method.

Results: The system of the financial system of the Republic of Belarus is represented systematically, the distribution process is described taking into account the national financial legislation.The structure of the financial system is presented from the position of integral components (tax, budget and monetary) and structural elements (spheres and links).The importance of such an understanding of the structure of the financial system is due to the fact that the Belarusian financial science as the third sphere of the financial system is allocated not by the financial market, but by the financial apparatus.

Originality. The available scientific and practical arsenal on the investigated problem, adapted to the conditions of the Republic of Belarus, is presented in a generalized form by means of the author's model of the distribution process. The interrelations between the spheres and links of the financial system are identified in the context of the distribution process through the direct and reverse movement of financial flows. A detailed description of the distribution process is proposed taking into account the current financial legislation of the Republic of Belarus. Within the framework of the balance of the financial system, the necessity of achieving a balance between the real sector of the economy and the financial market, taking into account the country specificity, is justified.

Conclusions: Conclusions have been made about the need for the Republic of Belarus to further develop non-bank financial institutions that in the future will compete with the banking system and, thereby, ensure business access to cheaper borrowed resources. Restraining factors of stock market development in the Republic of Belarus are noted and attention is focused on the need for balanced development of all segments of the financial market.

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