MINSK, 25 January (BelTA) – The establishment of a centralized cash logistics company should not increase costs for the banking industry. Belarus President Alexander Lukashenko gave the relevant instruction as he received a report from Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur on 25 January, BelTA has learned.
The head of state pointed out that the idea to set up such a company had caused some debates and even misunderstandings and miscommunication. Alexander Lukashenko said he would like to know whether the future company — Belinkassgrup — which will be created to relieve the central bank of non-core functions, will inflate personnel numbers in the central bank and the banking industry as a whole. Alexander Lukashenko said he was also interested in what kind of company it will be.
“This is what I am concerned about. Even personnel numbers are not the problem. Money is what matters. We should optimize things so that the state could spend less,” said Alexander Lukashenko.
“Before signing the decree I think we should discuss whether we can do without such a company and whether the company will be truly beneficial for the banking industry as a whole,” he added.
BelTA reported earlier that there are plans to create a company to take care of cash logistics services of the central bank, Belarusbank, and Belagroprombank in order to better use the available resources and allow the central bank to drop non-core functions.
According to the central bank, the new company will rule out parallel functions of the banks in the area of cash collection, secure cash transportation, processing and storage of items of value. The money spent on physical infrastructure and personnel will be reduced. The number of armored trucks and weapons will be decreased as well. Yet the central bank will still play the key role in managing the cash in circulation.
