Opinions & Interviews

MINSK, 16 January (BelTA) – The country’s international reserves should be increased not only through loans but also by means of increasing the export of Belarusian goods and attracting foreign direct investment, Belarusian President Alexander Lukashenko said introducing new Head of the Board of the National Bank of the Republic of Belarus to MPs at the seventh special session of the Council of the Republic of the National Assembly of Belarus on 16 January, BelTA has learned.

The head of state has instructed to maintain the country’s international reserves at a safe level and ensure stable operation of the banking sector.

"The banking sector should aim for fair competition. This is the task of the National Bank. As a regulator, it must monitor the quality of the banks’ services and control them. Please remember the banks’ revenues depend on clients - people and enterprises. You just cannot lose their trust!” he said.

According to Alexander Lukashenko, it is important to increase the efficiency of the allocation of financial resources in the economy. The President stressed that bank loans should be used primarily to finance most viable projects: "If you see that a business project is not going to pay off, do not issue credits!"

"Banks should not take on excessive risks. You should move away from the principle to help everyone. Such action might leave everybody affected. Therefore, the banking supervision for bad assets should be strengthened," stressed the head of state.