Posted: 07.02.2023 12:42:00

Lukashenko: economic activity rules should be based on social justice

All branches of government and public administration bodies should work in close conjunction, since mobilisation of resources in the most important areas of sustainable economic development can be achieved only if efforts are united – as stated by the President of Belarus at today’s meeting focusing on the discussion of the draft law On Changing Laws on Banking Issues


“We have timely agreed with Russia on the approximation of our banking legislation in the interests of business entities. Roman Aleksandrovich [Golovchenko, Belarus’ PM], we should work with the Russian Federation in the banking system in the interests of our business entities. I have also instructed the state administration and control bodies to analyse the work of the banking system and make their proposals on the adjustment of banking legislation,” Aleksandr Lukashenko said.

The Head of State noted that some innovations have already been tested in practice, and the National Bank has consolidated them with its recommendations – offering to implement them on a systematic basis within the legal framework. “Only those that we need,” the Belarusian leader stressed.

Aleksandr Lukashenko added that he decided to convene today’s meeting to make sure once again that the innovations will benefit the country, “After all, a fundamental regulatory legal act is being submitted for consideration. People should know what changes are planned, and whether any unprocessed, quasi-legal or, God forbid, ‘dark’ points have remained.”

The President demanded to be guided by the fact that Belarus is a social welfare state, “The rules of economic activity should be based on the principles of social justice, equally and unambiguously interpreted and unconditionally observed. There are no exceptions for any areas, including banking one, and there will not be. The regulator should have all the necessary levers of influence in the financial industry, including in order to financially ‘punish’ negligent banks, and so on. It is especially important now that all branches of government, public administration bodies work in close co-ordination, since mobilisation of resources in the most important areas of sustainable economic development could be achieved only if efforts are united. Banks and the National Bank – as the regulator of the entire banking system – should play the key role here.”

At the same time, the President urged the meeting participants not to lose momentum, “Additional sanctions are being imposed on Russia, and they will not simply scare us with additional sanctions as well, but impose them – so that there will be no way around us.”

Aleksandr Lukashenko demanded final and reasoned answers to a number of questions from the participants of the meeting: how will innovations affect the work of the banking system, and whether they are needed at all? Do they meet the needs of Belarus’ citizens and the national economy? Will the updated code embrace all the issues of the integration agenda of the Union State in the banking sector?

“As I have already said, all these integration projects in the banking sector with Russia should be beneficial to us. This is our criterion," Belarus’ President stressed.