Posted: 29.05.2023 12:31:00

Lukashenko met with Bank of Russia Governor to discuss reserve currencies, digital Rouble and work under sanctions

The President of Belarus, Aleksandr Lukashenko, has met today with the Governor of the Bank of Russia, Elvira Nabiullina

Aleksandr Lukashenko set the tone for the meeting immediately, “Elvira Sakhipzadovna, I would like to learn something from you, to ask a number of questions that many heads of state are now talking about. You see it in our speeches.”

The President noted that his colleagues often raise the topic of reserve currencies and related issues, though they do not quite understand when and how it will develop. “Therefore, issues of the kind are of great interest to me. [I am interested] in your point of view and the point of view of your specialists," he addressed the guest.

According to Aleksandr Lukashenko, there are no questions regarding the work of the Interbank Currency Council of the Central Banks of Belarus and Russia. “I often refer to the words of you and of the chairman [of Belarus’ National Bank Board, Pavel Kallaur] at the level of heads of state, when creation of a single currency and other issues are discussed – saying that this is not an easy process and probably not of today, as we agreed with the President of Russia. Nevertheless, some of our patriotic people in Russia and Belarus often raise this issue. I would like to hear your point of view now,” the Belarusian leader said.

Aleksandr Lukashenko noted that even our enemies admit that Elvira Nabiullina very quickly dealt with economic issues and currency problems in Russia, especially under sanctions, “I have almost quoted our enemies. Therefore, I would also ask you to focus on the issue of the digital Rouble: what is it, how we will develop in this direction. A reserve currency is still the most important point for me. De-dollarisation of the international economy is underway. How much has this process progressed? Naturally, new reserve currencies will be launched. What [can you say] about their timing and speed of introduction? I keep inspiring my colleagues to all time move forward in order not to be late. Should we run? Or is it a long-lasting process? There are also a number of issues that we earlier talked about on the phone. I would be happy to listen to your view on the problems that the central banks of Belarus and Russia face. Tell me please, if there are any problematic issues. We will work to lift them.”

Elvira Nabiullina started the conversation by sharing her first impressions of her stay in Belarus, “I arrived yesterday some time in advance. We took a little drive. Of course, it's amazing! We looked at your fields. Everything is very well maintained, very beautiful. Everything is sown, and everything works. Amazing!”

Elvira Nabiullina arrived in Belarus to participate in a meeting of the Interbank Currency Council of the Central Banks of Belarus and Russia and the Advisory Council on Foreign Exchange Policy of EAEU Central (National) Banks. Today, on May 29th, the Interbank Currency Council the Central Banks of Belarus and Russia will discuss the economic situation in both countries, the results of the banking systems’ operation in Q1 2023, the implementation of the Union State programmes, as well as a draft agreement between the governments and the central banks of Belarus and Russia on co-operation and exchange of information, including confidential, in the field of supervision and (or) financial market control.

On May 30th, the Advisory Council on Foreign Exchange Policy will meet, gathering central bank heads from Belarus, Russia, Kazakhstan, Kyrgyzstan, the deputy head of the central bank of Armenia, representatives of the regulators of the EAEU financial markets. The meeting participants plan to discuss the current economic situation and the implementation of monetary policy in the EAEU member states, issues of mutual recognition of ratings, further directions of work on the formation of a common financial market.