Posted: 07.02.2023 11:34:00

Lukashenko: banks demonstrated stability and ensured safety of savings under sanctions

The issues of further improvement of Belarus’ banking legislation have been discussed today at a meeting with the President, and the draft law On Changing Laws on Banking Issues became the key point on the agenda


Before starting the discussion, Aleksandr Lukashenko raised the key question: why, who needs it, and whether it is necessary at all at present. “I want to draw your attention that in no case should we follow the recommendations given to us in the last century: ‘banks are to be a state within a state, and they are to be absolutely independent’, and so on. There is nothing independent in the world, and this is a classic [idea]. Everyone depends on each other – including organisations, institutions, and so on. There is enough freedom in our banking system not to lag behind events but to work together with the Government for the benefit of the economy,” he said.

“Of course, banks and the National Bank are no longer an accounting department of the Government at present – although I once said that roughly. Our Government is responsible for the economy. The banking system and banks are the circulatory system of the economy. Can you separate this circulatory system from the economy? Everything is simple,” the President continued.

According to Aleksandr Lukashenko, today's consideration of changes in the banking sector legislation does not mean that the banking system is currently working poorly and that its regulatory framework needs a radical revision.

“In the conditions of sanctions, banks have demonstrated stability and ensured the safety of savings, settlements and accumulation of resources for lending. Last year, it became possible to accelerate the reorientation of exports, to support enterprises with working capital, and to finance the investment projects which are most important for the country – thanks to the co-ordination of efforts of the National Bank and the Government,” the Head of State added.