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Thursday, January 23, 2020

Lukashenko: More exports, foreign investment needed

Belarus President Alexander Lukashenko told bankers and legislators last week that more exports and foreign investment are needed to strengthen the nation's finances.

Belarus President Alexander Lukashenko said last week that the nation should increase international financial reserves not only through loans, but also by boosting exports and attracting foreign investment.

He made the comments at the seventh special session of the Council of the Republic of the National Assembly of Belarus during the introduction of Pavel Kallaur as the new head of the Board of the National Bank of the Republic of Belarus.

The president urged lawmakers to ensure that international reserves are maintained and that the banking sector is able to provide competitiveness while also being fair.

"As a regulator, (the National Bank) must monitor the quality of the banks’ services and control them," Lukashenko said. "Please remember the banks’ revenues depend on clients -- people and enterprises. You just cannot lose their trust.”

He also said banks should be able to discern whether a business or venture will be profitable and to provide credit lines to those projects that are viable in growing financial resources. He also said banks should avoid excessive risks and that low-performing assets should be avoided.

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Government of Belarus

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