‘Banking system must foster economic growth and improve people’s well-being’

President of Belarus Aleksandr Lukashenko received a report on the banking system’s performance

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Addressing Roman Golovchenko, recently appointed Chairman of the Board of the National Bank after serving as the country’s Prime Minister, the Head of State emphasised his expectation for a balanced, objective assessment of the overall economic situation. “I would not say you are completely uninvolved now, but you do have somewhat of an outside perspective. As an experienced professional, your evaluation of Belarus’ current economic situation is particularly valuable. You need to tell me what requires our primary attention — that is the most important thing,” the President remarked. 

“Secondly, as I have already warned the Head of the Belarus President Administration, today’s meeting and your report on the situation in the country, particularly in banking and finance, does not mean I will not convene another meeting with specialists and heads of our banks — primarily the National Bank — to once and for all clearly declare what policy we will pursue in the near future and what my position is regarding the National Bank and related matters,” the Head of State added.

According to him, one aspect requiring further clarification is the appointment of Roman Golovchenko as Head of the National Bank. “Many are ranting about this — especially the self-exiled opposition — saying ‘he is not an expert, yet he was appointed to run the bank’ and so on. We must address all these questions,” the President stated.
Regarding Roman Golovchenko’s performance as Chairman of the Board of the National Bank, the Head of State noted that his actions, decisions and the overall state of banking affairs undergo regular expert evaluation. “The specialists are watching you too,” Aleksandr Lukashenko remarked.
Special attention was given to the growth of aggregate banking profits nationwide. While this could be viewed as a positive indicator on the one hand, concerns exist about potential economic imbalances should banks excessively withdraw liquidity from circulation. “To be honest, I am not entirely certain whether this is good or bad. When you served as Prime Minister, you argued it was harmful that banks were withdrawing capital from circulation.”
“It is certainly good,” Roman Golovchenko assured. “We have implemented a government mechanism to redirect a portion of banking profits into financing the economy.”

“This is critically important,” emphasised Aleksandr Lukashenko. “Banks should not have ’excess’ money. After all, their profits ultimately come from those who deposit funds there — this is fundamentally how it works. Therefore, I strongly expect this principle to be maintained. The economy must grow, and the banking system must actively foster economic growth.”

The President raised the question regarding further actions concerning cryptocurrency and the cryptocurrency market. “Crypto market, cryptocurrency... What is it and how are we going to proceed with it?” the Head of State asked addressing Roman Golovchenko. “How can we use it, especially now, to facilitate payments? There has been a lot of talk about this, yet Belarus’ cryptocurrency market remains underdeveloped. What will our next steps be?”
Aleksandr Lukashenko noted that this topic had been discussed earlier with ex-chairman Pavel Kallaur. “We raised this issue before. IT specialists approached us, saying we should take action in this direction. So, how will we proceed? This is important for me and for the country,” the President said.
The Head of State also asked about cross-border payments under sanctions (there are indications their volume may be decreasing). Discussions touched on inflation, which has accelerated slightly, although remains manageable. The President asked what regulatory measures the National Bank considers necessary to prevent becoming trapped in an inescapable situation.
The Head of State also discussed the status and composition of gold and foreign currency reserves, as their volumes have recently increased. “However, we must keep in mind that prices for gold went up,” the President said naming it one of the factors behind the reserve growth. “Gold was not the only factor, Aleksandr Grigorievich,” Roman Golovchenko clarified. He reported on the implementation of objectives outlined by the Head of State during personnel appointments. Roman Golovchenko also provided an overview of the banking system and broader financial market situation.

CRYPTOCURRENCY MARKET DEVELOPMENT 

The National Bank of Belarus has drafted specific regulations aimed at developing the cryptocurrency market — Roman Golovchenko, Chairman of the National Bank’s Board, shared this information with reporters after presenting a report on the banking system’s performance to President Aleksandr Lukashenko.
During the report, the use of cryptocurrencies in transactions and the overall progress in this sector were thoroughly discussed. Mr. Golovchenko noted that the cryptocurrency market is already active in the country through cryptocurrency exchange offices and crypto exchanges operated by companies registered in the Hi-Tech Park (HTP). “The turnover on these platforms is steadily increasing, showing strong figures. It is clear that cryptocurrencies are here to stay, so we need to integrate into this mainstream properly and in a timely manner,” the country’s chief banker explained.
The National Bank’s Head informed the President about the main regulatory approaches developed for the digital financial assets market, emphasising the need to update the provisions outlined in Decree No. 8 On Development of Digital Economy. “We see potential not only in regulation to prevent economic harm but also have concrete proposals on how to achieve significant breakthroughs in using cryptocurrencies and digital financial assets within our financial policy. These approaches were presented to the President and generally received his support. The details will be discussed soon at a dedicated meeting,” Mr. Golovchenko emphasised.

FIRST GOLD COIN EVER MINTED IN THE COUNTRY 

The Chairman of the National Bank’s Board presented the Head of State with the ‘Slavyanka’ [Slavic woman] gold coin — the first precious metal coin ever minted in Belarus. “Aleksandr Grigorievich, I was actively involved in import substitution while working in the Government, and I decided to continue this effort here. Everyone knows that the National Bank actively issues commemorative and investment coins made from precious metals. However, I was quite surprised to discover that all of these coins were produced abroad — commissioned by the National Bank but minted outside the country: at first, in the European Union, and later in friendly countries such as China, Russia and Kazakhstan,” Roman Golovchenko said.
Mr. Golovchenko added that, when ordering gold or silver coins from other countries, there was also a need to purchase the precious metals abroad. “Meanwhile, our raw materials — precious metal scrap that is collected and handed in by the population — remain unused. That is why the Finance Minister and I thought: why not handle it ourselves? Our Gomel-based Kristall Plant, which processes precious metals and stones, was slightly upgraded, and for the first time in Belarus, surprisingly, we minted the first gold coin called ‘Slavyanka’. It is entirely produced using Belarusian raw materials.”
“Thank you!” the President expressed his gratitude and turned to his Press Secretary Natalya Eismont. “Natalya Nikolaevna, to the museum! After all, it is the first coin. This is very important and fundamental. Later, we will move it to the new museum.”
“We will keep up this practice. Not just as a matter of principle, but to use our reserves and generate additional value,” Roman Golovchenko stressed.
It is worth reminding that on August 11th, the National Bank issued the 2025 ‘Slavyanka’ bullion (investment) coins: a gold coin with a face value of Br50, weighing 7.78g, with a diameter of 21.9mm, alloy standard of 999.9, with a circulation of 3,000 pieces, as well as a gold coin with a face value of Br100, weighing 15.55g, with a diameter of 27.9mm, alloy standard of 999.9, with a circulation of 3,000 pieces.
The ‘Slavyanka’ coins issued in 2025 will be minted at Gomel Production Association Kristall — the Managing Company of KRISTALL HOLDING, uncirculated grade.

Based on materials of sb.by and belta.by