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03 December 2021, 11:10

Lukashenko: Export growth can build public trust in ruble, bank deposits

An archive photo
An archive photo

MINSK, 3 December (BelTA) – Export growth is the key to strengthening public trust in national currency and bank deposits, Belarusian President Aleksandr Lukashenko said at a government meeting to discuss the country's social and economic development on 3 December, BelTA has learned.

“The government believes that export should be a priority next year. It makes perfect sense. After all, as long as we have an opportunity to sell and secure a foothold on global markets (and this will not last long), we should act,” the Belarusian leader noted.

“We should not miss the opportunity to assert ourselves. If we increase foreign exchange earnings, we will have a strong Belarusian ruble. The population will stop being cautious and will put their money on bank deposits or invest in bonds,” Aleksandr Lukashenko said.

Thus, according to the president, the base for ‘long-term' investment will be progressively expanding. “This is a task not only for the government, but for the entire banking sector. Moreover, investments are really dwindling,” the head of state said.

The president noted that the previous investment cycle and related large-scale projects have been nearly completed. These projects include a nuclear power plant, Belarusian National Biotechnology Corporation, Petrikov mining and processing plant, cellulose and paper complexes. Projects in oil refining are on the home stretch. “Unless we keep upgrading our industry, in 3-5 years we will lag behind our competitors. External factors had a certain impact, but we are under-performing in this matter either. All investment-related tasks are clearly spelled out in the five-year program, but we have made little headway so far,” the Belarusian leader said.

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