MINSK, 24 October (BelTA) – The transition to CIPS, China’s choice of SWIFT, is Belarus’ medium-term strategy, Chairman of the Board of Directors of the National Bank of Belarus Pavel Kallaur told the media on 24 October, BelTA learned.
“It’s a confusing technical problem. This is China’s internal payment system, which is gradually expanding to a cross-border system. That is our medium-term strategy. It’s the right thing to do. However, there is no desire to do so. ” Moreover, this procedure is not technically simple. To transfer to another country’s system, you must meet that country’s technical requirements. The main requirement is the software. Lately we are concerned in this work. At the moment, it is not a consultation to support foreign industry transactions,” said the head of the SNB.
In his words, Belarusian banks are lately operating with China in an established manner within the framework of foreign practice. it’s increasing,” Kallaur said.
As BelTA reported on September 6, citing First Deputy Prime Minister Nikolai Snopkov, Belarusian banks intend to transfer China’s choice for the SWIFT system to the cross-border interbank payment system CIPS. through monetary institutions. ” This is a special payment system, which is an option for SWIFT,” explained the First Deputy Prime Minister.