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28 March 2024, 16:18

National Bank chief: No major problems with cross-border payments

Pavel Kallaur
Pavel Kallaur
MINSK, 28 March (BelTA) – Belarusian enterprises do not encounter big problems with cross-border payments, Chairman of the Board of the National Bank of Belarus Pavel Kallaur told reporters following the meeting hosted by Belarusian President Aleksandr Lukashenko to discuss the performance of the banking sector and support for foreign trade activities, BelTA has learned.

The head of the National Bank was asked how domestic enterprises make international payments under sanctions. “This is a very big challenge for our economy, since the established global financial system has undergone significant changes,” he answered. “Our banks are working hard to build direct contacts with foreign banks. This takes time and money. Thus, our enterprises do not have any significant problems with cross-border payments.”

According to Pavel Kallaur, due to the sanctions, correspondent banks use compliance control (to identify non-compliance with regulatory requirements, regulations, rules and standards of supervisory authorities). “And it takes time. Therefore, payments are not as fast as they used to be before the sanctions. Nevertheless, in general, the problem is being solved,” said Pavel Kallaur.

A reminder, during the meeting the president raised the issue of providing assistance to economic entities in making settlements with foreign partners. “Sanctions are sanctions. It seems that we are pulling off, everything is fine. But we feel pressure, first of all from the Americans; Russia admitted this too. Pressure has to do with settlements. And I have repeatedly drawn your attention and the attention of the government to the fact that we need to help economic entities the way we can. We should do this calmly, without making much fuss about it,” the president said.
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