Government Bodies
Flag Monday, 27 March 2023
Minsk Mainly clear +4°C
All news
All news
27 January 2023, 17:43

Belarus' National Bank: Economy, banking system handled sanctions well

An archive photo
An archive photo

MINSK, 27 January (BelTA) – The economy and the banking system have managed to hold out amidst the sanctions, First Deputy Chairman of the Board of the National Bank Sergei Kalechits said as he delivered a report at the expanded meeting of the Board of the National Bank, BelTA informs.

“Despite massive shocks, the economy and the banking system have successfully dealt with the sanctions and have adapted to the new environment. Together, we have managed to slow down inflationary processes, make lending more affordable, provide the necessary support to the real sector of the economy, ensure financial stability and the smooth functioning of the payment system,” Sergei Kalechits said.

The banking system faces quite serious tasks in 2023. In accordance with the key policy documents, banks need to ensure the availability of resources and expand lending to support economic and investment activity in the country. “Accordingly, in order to build their resource potential, banks should come up with a balanced and consistent interest rate policy. It should primarily ensure the continuity of the savings process with a focus on making long-term deposits more attractive,” the first deputy chairman of the Board of the National Bank emphasized.

At the same time, loans should remain affordable. “In line with the forecasts, the average interest rates on new bank loans at the end of 2023 should not exceed 12% per annum. Banks should create a stable long-term resource base that will allow satisfying demand for loans,” Sergei Kalechits said.

In his opinion, the external economic environment will remain quite challenging throughout 2023. “The tasks facing the economy require a comprehensive approach, which is impossible without the concerted effort and teamwork of the government, the National Bank, banks and non-credit financial organizations. We should do our best,” the first deputy chairman of the Board of the National Bank added.

Subscribe to us
Recent news from Belarus