MINSK, 22 December (BelTA) - The banking system delivered a solid performance in 2025, Chairman of the National Bank of Belarus Roman Golovchenko said at an event to mark Banking and Financial Workers’ Day, BelTA has learned.
“The system performed well and delivered positive results. Key goals are on track to be met. We are executing a focused and rigorous plan to complete our assignments,” Roman Golovchenko said, adding that they have had to operate in complex conditions not for the first year, primarily due to an unfavorable external environment, constant pressure, and sanction restrictions.
According to him, banks have learned to respond flexibly and promptly to all emerging difficulties while preserving the main thing – the stability of the state’s banking and financial system.
“Financial and price stability is our unconditional priority,” said Roman Golovchenko. “Price dynamics remain moderate and controlled. To mitigate external pro-inflationary factors, we carefully use the available monetary policy tools and exercise control over the money supply. As a result, the growth rate of the money supply is gradually slowing down.”
At the same time, the share of the ruble component in the money supply has exceeded 64%. Trust from both citizens and businesses is growing noticeably, both in the national currency and in Belarusian banks overall. Over the year, the population’s fixed-term ruble deposits grew by a record 35%, or Br3.8 billion, reaching a total of Br14.7 billion by 1 December. “What is particularly encouraging is that the volume of deposits with terms exceeding one year has increased by more than 64% since the beginning of this year. The National Bank, in turn, is actively working to further refine incentive measures and attract long-term resources into the banking system as a source for investment lending to the economy,” Roman Golovchenko said.
The next task is to solidify people’s trust in saving in Belarusian rubles and to enter the market with competitive products for attracting non-withdrawable deposits with terms of three years or more. While at the beginning of the year such products were offered by only six banks, today 18 banks have them. “We need to make these deposits even more attractive to the public. The National Bank will also introduce certain regulatory measures in the near future,” added Roman Golovchenko.
Significant efforts have also been made to ensure stable investment financing. “Resource support for effective projects is a necessary condition for the country’s technological development. In other words, it provides the financial impetus for our economy to grow steadily and confidently. Regarding the current year, over the past 11 months the volume of investment financing has increased by one and a half times, to $5.7 billion. Given the ongoing external pressure on the country, export support in facilitating foreign trade settlements and cooperation with foreign banks are critically important. The continuity of settlements is guaranteed. The number of nostro accounts in non-resident banks has increased by almost 200 since the beginning of the year and now exceeds 1,100 units,” Roman Golovchenko said.
Banks are actively involved in lending to the population for purchasing goods, primarily those of domestic production. The volume of consumer loans issued for these purposes this year has grown by nearly 30%, amounting to Br1.3 billion. “Such a program undoubtedly provides support for the growth of domestic goods production and bolsters the national economy,” the chairman of the Board of the National Bank said.
Traditionally, the focus of the banking system remains on lending to small and medium-sized enterprises. This area is also growing. Over the past 11 months, banks have issued such loans totaling over Br68 billion, which is 13% higher than in the same period last year.
A critical direction is strengthening technological sovereignty, introducing digital technologies, and achieving import independence in the software used in the banking sector. “Here, too, we are among the most advanced in the country, and we have major plans in this area for the near and medium term,” Roman Golovchenko said. “An important milestone for us in the coming year is the planned first stage of introducing the digital Belarusian ruble, which will allow, among other things, its prospective use for cross-border payments and reduce the payment system’s dependence on external payment technologies, especially under sanctions.”
According to the chairman of the Board of the National Bank, the banking system faces challenging and large-scale tasks in 2026. They were outlined by the head of state in a meeting with banking representatives. “The main target benchmarks have been defined, and the primary directions of monetary policy for the upcoming year have been approved. The active formation of a program document for a five-year period is now underway. A separate document with key development targets for the next year is being prepared for the banks,” Roman Golovchenko added.
As part of the event, bank teams were awarded honorary certificates from the National Bank. Roman Golovchenko congratulated everyone on the upcoming professional holiday, wishing those gathered new projects, confident growth, and the fulfillment of assigned targets. “We must act in a coordinated, consolidated, and professional manner. The banking system has indeed become more mature, more technological, and more resilient. Your work, the work of your teams, their professionalism and dedication are the foundation of our shared success and the financial sovereignty of our state,” Roman Golovchenko said.
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