Promote growth and not pull money out of the economy. Lukashenko set out tasks for the banking system
The President of Belarus, Alexander Lukashenko, listened to a report on the work of the banking system on August 12, as reported by a BELTA correspondent.
The head of state, addressing the chairman of the board of the National Bank, Roman Golovchenko, who was recently appointed to this position from the post of Prime Minister of the country, noted that he expects a balanced, objective view on the state of affairs in the economy as a whole. "It cannot be said that you are currently on the sidelines, but still to some extent on the side. And it is very important, as an experienced person, to hear your opinion on the state of the economy of Belarus today. What should we pay attention to first of all - this is the main thing you must tell me," the President remarked.
"And secondly. As I have already warned the head of the Administration (of the President's Administration. - Note by BELTA), our meeting today and your report on the situation in the country, in the field of banking, finance, does not mean that we will not meet at the level of the President with specialists and leaders of our banks and the National Bank primarily, in order to once and for all finally declare what policy we will pursue in the near future and what my position is regarding the National Bank," the head of state added.
According to him, one of the aspects that needs to be clarified further is the appointment of Roman Golovchenko as the head of the National Bank. "Many are howling about this, especially the fugitives, 'look, he is not a specialist, he appointed him to the bank' and so on. We must answer all questions," the President said. Regarding the work of Roman Golovchenko himself as chairman of the board of the National Bank, the head of state noted that his actions, decisions, and the state of affairs in the banking sector are regularly evaluated by experts. "Specialists are watching you too," Alexander Lukashenko noted.
In this regard, the President touched upon the topic of increasing the total profit of banks in the country, which can be viewed, on the one hand, as a positive indicator, but on the other hand, there are concerns that there may be an imbalance and banks may not withdraw money from the economy. "I honestly do not quite understand whether this is good or bad (the growth of total bank profits. - Note by BELTA). When you were Prime Minister, you said it was bad - that banks were withdrawing money."
"Of course, it is good, - Roman Golovchenko assured. - We started to withdraw the banks' profits through the government and direct them to finance the economy."
"This is very important, - emphasized Alexander Lukashenko. - There should be no 'excess' money in banks. And profit - after all, it comes from those who keep their money there. Mostly it is so. Therefore, I very much hope that it will be so. The economy must develop, and the banking system must contribute to the growth of the economy."
"The crypto market, cryptocurrency. What is it, how are we going to tackle this problem? - the head of state figuratively expressed, addressing Roman Golovchenko. - How will we use it, especially now, to ensure payments? A lot is said about this, and still, this market is not so developed in Belarus regarding cryptocurrency. How will we act in the future?"
Alexander Lukashenko noted that this topic was discussed back when Pavel Kallaur was in charge of the National Bank. "We raised this issue, IT specialists approached us, saying that we need to act in this direction. How will we (ultimately act. - Note by BELTA)? This is important to me and for the country as a whole," the President said.
The head of state also inquired about how cross-border payments are proceeding under sanctions (there are reports that their volume seems to be decreasing). There was also talk about inflation, which has accelerated slightly, but the process remains manageable. The President asked what actions, in the opinion of the National Bank, are necessary for further regulation to avoid falling into a situation that would be difficult to exit. One of the topics of the report was the state and structure of gold and foreign exchange reserves, the level of which, as is known, has increased recently. "But it should be understood that gold has also appreciated," the President pointed out one of the reasons for the growth of the foreign exchange reserves. "But not only due to gold, Alexander Grigoryevich," Roman Golovchenko explained.
He reported on how the tasks formulated and set by the head of state during personnel appointments are being fulfilled. The chairman of the board of the National Bank also reported on the situation in the banking system and the financial market as a whole. "Of course, after the appointment, it was necessary to start with issues of discipline, performance, and establishing new rules for working with the banking system. The principle has been conveyed to the banks that there are no bad or good. There is no such subjectivism - there are those who fulfill tasks and those who do not fulfill these tasks. The principle of evaluation is one - it is the result," he emphasized.