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16 January 2020, 18:09

Financial stability described as foundation of long-term economic growth in Belarus

Pavel Kallaur. An archive photo
Pavel Kallaur. An archive photo

MINSK, 16 January (BelTA) – Monetary and financial stability represents the foundation of long-term economic growth. Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur made the statement at a regular session of the advisory board under the country's central bank on 16 January, BelTA has learned.

Matters of sustainable economic development were high on the agenda of the session. Pavel Kallaur noted that an active debate about problems of sustainable economic development is going on at various levels of government agencies in charge of economic affairs, in the academic community, and the expert community. “Our common goal is to ensure sustainable economic growth and use it to ensure higher living standards of the citizens,” the head of Belarus' central bank underlined.

In his words, despite positive dynamics the national economy growth rate remains quite low at present. It encourages efforts to find points of growth and stimuli able to ensure faster and better economic development. The task is complicated by the dynamically changing external environment, which is responsible for higher than average uncertainty. It is a source of heightened challenges and risks for countries with a small and open economy. The import of shocks can aggravate domestic problems, thus having a negative effect on the economy.

“It is obvious that the problems we discuss today require an integral and systemic approach. Measures to bolster the overall effectiveness of the economy should be accompanied by efforts to maintain a healthy and understandable macroeconomic environment built around monetary and financial stability. It is the foundation of long-term economic growth,” Pavel Kallaur noted.

The official said he hopes that the advisory board will become a good venue for a series of discussions about such a multifaceted matter as ways to secure sustainable economic growth.

The advisory board under the National Bank of the Republic of Belarus (NBRB) was established in September 2014 as a consultative body in order to tap into the potential of the expert community in the course of developing and implementing monetary policy, in order to enable conditions for the sustainable development of the banking system and the payment system in the country. The advisory board comprises representatives of the central bank, commercial banks, public organizations, and scientific organizations.

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