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24 October 2022, 12:21

National Bank chief: Belarus' banking system coped with difficult situation well

An archive photo
An archive photo

MINSK, 24 October (BelTA) – The banking system of Belarus has coped very well with the difficult situation it faced, Chairman of the Board of the National Bank of Belarus Pavel Kallaur said as he was delivering a report to Belarusian President Aleksandr Lukashenko, BelTA has learned.

Pavel Kallaur noted that the banking system was tasked with comprehensive mobilization: “First of all, the banking system itself had to adapt to new conditions and to strengthen its resilience and financial stability in the markets. Simultaneously, it was tasked with helping our enterprises, the real sector of the economy to adapt to the new realities.”

“When the situation was extremely difficult (we will not hide it, Valery Belsky [Aide to the President] took part in all these meetings), we gathered literally once a week to discuss the state of things and to decide what the banking system could and should do. And thus we managed to get past that difficult situation. I think we have done a good job,” Pavel Kallaur emphasized.

The head of state responded rightfully that it was possible to successfully deal with the situation not only thanks to the actions undertaken by officials and representatives of the banking community. There was also an external factor – the unfavorable external environment prompted Belarus to take action, look for and eventually find ways to solve problems. As a result, the situation on the financial market stabilized. “We handled it thanks to the professionalism of bank employees,” the president agreed. “However, don't forget to mention what else objectively helped us to get through. It is not that all of you turned out to be so smart. Probably, not only negative things were happening in the world. There were also things that turned out to be a blessing in disguise,” the head of state said.

“Success is a team effort. Good results in the economy are achieved thanks to a concerted, purposeful, well-coordinated work of the government, the National Bank, the banking system, and all other institutions,” Pavel Kallaur said in response.

“As far as external factors are concerned, we saw redistribution of trade flows,” he added.

“That is what I meant,” Aleksandr Lukashenko said.

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