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National Bank’s strategic task: to strengthen trust in the Belarusian Rouble

National Bank’s strategic task: to strengthen trust in the Belarusian Rouble

Introducing the Chairman of the National Bank’s Board, Pavel Kallaur, President of Belarus Alexander Lukashenko named the Bank’s priorities, including ensuring the stability of the national currency. “You’re faced with the strategic task of strengthening public trust, as well as that of enterprises, in the national monetary unit: the Belarusian Rouble,” said the President.

The economy’s reliance on ‘dollarisation’ needs to be reduced — but not by artificial restrictions. Mr. Lukashenko believes that real and effective measures are crucial, to raise the volume of deposits and loans in the national currency. He stresses that people should not be afraid to keep savings in local currency and is eager that people refrain from ‘rushing to exchange offices upon receiving their paycheck, to get rid of their Roubles’.

Mr. Lukashenko notes that retail deposits are protected by the state, as ‘has always been the case and will remain so’ and that the National Bank has stabilised the situation for the time being. However, he wishes to see a long-term plan of proactive effort, especially in matters of exchange rate policy.

The Head of State has tasked the National Bank with increasing the efficiency of the banking system and attracting additional financial resources into the system, to provide loans to the real economic sector.

By Veniamin Mikheev
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