MINSK, 24 October (BelTA) – Belarusian President Alexander Lukashenko discussed the situation of the country’s banking sector for a week on 24th October, BelTA learned.
Chairman of the Board of Directors of the National Bank of the Republic of Belarus Pavel Kallaur, First Deputy Prime Minister Nikolai Snopkov, Deputy Head of Administration to the President of Belarus Maksim Yermolovich and Assistant to President Valery Belsky invited to the meeting.
The Head of State defined a series of problems to those attending the assembly and advised discussing a wide variety of issues. These included the tables of the banking formula under the strain of sanctions, the regulation of economic entities in the operations of foreign industry, cooperation with banks in Asia, a region that is actively emerging and gaining global importance. Topics discussed also included genuine economy, loan availability, inflation and the participation of the banking formula in integration projects with the Russian Federation.
Sanctions
Aleksander Lukashenko recalled that unprecedented sanctions had been imposed on Belarus. “In fact, we worked under such sanctions for a year. We will have to pay tribute to our economy, and in particular to the banking formula, for surviving those sanctions. However, as I have said many times, there is no room for complacency by any means. The first question to talk about is how the banking formula has responded to this tension of unprecedented competitive sanctions and how the banking formula has been mobilized,” the state said.
On Foreign Industry Operations and the Toxicity of the US Dollar and Euro
The vital factor of the moment known through the measures of the Head of State to ensure the agreement of economic entities in the transactions of foreign industry. “It turns out we’re handling this factor well as well,” he said.
Alexander Lukashenko said the scenario is becoming more confusing and depends more on partners, foreign banks. “However, we are doing well. There are still some disorders to be resolved. I see them when I do business and listen to their requests for help. I would also like to hear answers about how we are here,” the president said.
He noted that in import and export operations, 75% or more of international settlements are made with the use of the US dollar and the euro. “These are poisonous coins for us,” Lukashenko said.
On the economy and the availability of loans
Another vital factor to ensure the picture of the real economy. “It’s a never-ending problem: the SNB seeks to pursue a tougher policy; The government and businesses are calling for it to be softer,” the Belarusian leader said.
“The availability of loans is the central factor we want to talk about with you. It’s about supporting the genuine economy,” Alexander Lukashenko said.
In his words, Belarus has already introduced a number of inventions into the banking system. “Belkart, ERIP, the monetary data movement system and then instant payment services. How is it here?” The head of state asked.
On cooperation with banks in Asia and integration with Russia
“It is transparent that the long term belongs to Asia. Asia is now setting the agenda of global progression,” the Belarusian leader said.
He under pressure to keep this domain in the spotlight. “How do we expand cooperation with Asian banks, Asian economic entities?What steps is the SNB taking to restructure the global economy as a total for Asia?Aren’t we running out of time here?” The president asked.
Another factor involved integration projects with the Russian Federation, if everything was implemented in accordance with existing agreements.
on inflation
“Inflation depends a lot on the SNB, but not quite. Inflation is the expansion of prices. This is a factor that will need to be addressed at all levels of government in the country,” Alexander Lukashenko said.
He added that the SNB has been a key design in this area.
The president asked about the SNB’s assessment of the scenario with inflation and value growth. “I would like to hear your assessment,” the head of state said.