Posted: 24.10.2022 12:53:00

Kallaur informed on how Belarus’ banking system performed under sanctions

Belarus’ banking system managed to mobilise itself and adapt to new difficult conditions, thus ensuring its stability – as stated by the Chairman of the Board of the National Bank, Pavel Kallaur, as he was delivering a report to the President


Mr. Kallaur stressed that the banking system had managed to adapt to the new conditions in all directions, “This enabled us to ensure our sustainability and financial stability in the markets, and also to help our enterprises and real sector of the economy adapt to new realities. We were working along these two avenues. When the situation was extremely difficult, we literally once a week discussed and determined what the banking system could and should do – and we would not hide this (Valery Ivanovich was a participant in those meetings). In this way, we coped very well in such a difficult situation, in my opinion.”

The Head of State clarified, “Pavel Vladimirovich, we coped thanks to the professionalism of our bank employees. You should also not forget to say what objectively helped us cope… Not all of us turned out to be so great. Probably, some negative helped, if there is one.”

In turn, Mr. Kallaur, added that all the achieved results are a common work, “Aleksandr Grigoryevich, no one individually can achieve results. Results are achieved in the economy when there is a common, purposeful, well-coordinated work of the Government, the National Bank, the banking system, and all other institutions… In terms of external factors, there have certainly been processes of redistribution of trade flows.”