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24 October 2022, 16:18

Belarus intends to connect to China's CIPS in mid-term

MINSK, 24 October (BelTA) - Switching to CIPS, the Chinese alternative to the SWIFT system, is Belarus' medium-term strategy, Chairman of the Board of the National Bank of Belarus Pavel Kallaur told the media on 24 October, BelTA has learned

“This is a complicated technical issue. It is in fact China's domestic payment system, which is gradually expanding to a cross-border system. This is our medium-term strategy. That is the right thing to do. However, there is no need to do it now. Moreover, this process is not simple technically. In order to switch to the system of another country, one have to meet the technical requirements of that country. The primary requirement pertains to software. We are currently involved in this work. For the time being this is not about the support of foreign trade transactions,” the head of the National Bank said.

In his words, Belarusian banks are currently working with China in an established mode within the framework of international practice. “It is done through the correspondent accounts of each other's banks. Payments are conducted, and, as I said, the share of payments in yuan is on the rise,” Pavel Kallaur said.

As BelTA reported on 6 September, citing First Deputy Prime Minister Nikolai Snopkov, Belarusian banks intend to switch to the Cross-Border Interbank Payment System CIPS, the Chinese alternative to the SWIFT system. Belarusbank will be the first to connect to it and will be followed by other financial institutions. “This is a special payment system, which is an alternative to SWIFT,” the first deputy prime minister explained.

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