Posted: 20.06.2024 16:14:00

Kallaur: National Bank consistently working to preserve innovation and reliability of Belarus’ financial sector

In order to create a comfortable and transparent business environment, the National Bank has been consistently working to improve the legal framework, preserve the innovation and reliability of the financial sector, and create additional incentives for the development of financial services and institutions – as stated by Pavel Kallaur, the Chairman of the Board of the National Bank of Belarus, at today’s joint meeting of the House of Representatives and the Council of the Republic of the National Assembly

“We are paying close attention to the development of financial market participants, primarily the banking sector, because this fully corresponds to our national interests. The active introduction of innovations enables banks to meet modern requirements, maintain their competitiveness in foreign markets and expand opportunities for interaction with partner banks from friendly countries. This is important for ensuring foreign trade activity, and simultaneously contributes to improving the quality of services, providing new products, including through remote servicing, which is aimed at maximising the involvement of free money in economic turnover and increasing the sustainability of the bank's resource potential,” Mr. Kallaur explained.

According to the Chairman of the Board, as a result of digitalisation of the banking sector, the average number of employees in this area has decreased by 31.5 percent over the past decade. “At the same time, their structure has changed, and the share of highly professional workers has increased. The latter include information systems and technology specialists, cybersecurity specialists and business analysts. All this contributed to the growth of labour productivity and the overall efficiency of banking activities. The measures to maintain high technological efficiency of banking and non-banking financial institutions were complemented by an increase in the social standards of functioning of financial market participants and higher levels of our citizens’ protection,” Mr. Kallaur added.