MINSK, 9 September (BelTA) – Belarus is seeing an accelerated pace of economic de-dollarization, Belarusian President Aleksandr Lukashenko said at a meeting with the management of Belarus’ National Bank and heads of commercial banks on 9 September, BelTA has learned.
“The de-dollarization of the economy is proceeding at an accelerated pace. The share of the ruble component in the broad money supply has increased from 41% in December 2020 to 63% in July 2025. Simply put, since the start of 2025, people have been selling an average of $30 million in foreign cash every day,” the president said.
The Belarusian president emphasized that special attention must be paid to the formation of long-term resources. He added that banks should prioritize attracting funds for a period of over three years.
“It is necessary to build a system of work to attract such resources on the most attractive terms for our citizens. This may require new and bold solutions. I believe there is room for improvement here,” Aleksandr Lukashenko said.
At the same time, the head of state pointed out, other sources should not be forgotten, like attracting foreign capital, and internal resources, including profits. “And the banking system receives quite good profits. But they must be managed responsibly. This money should not be squandered or channeled entirely into annual bonuses for top managers but must instead be returned to the economy,” the head of state stressed.
“The regulator must ensure all conditions are in place for banks to freely build up their resource base to the necessary levels. The amount of money in the country must correspond to the real needs of the economy and not lead to price growth. In this connection, the task of the National Bank is to strengthen control over the money supply,” the Belarusian leader said.
“The de-dollarization of the economy is proceeding at an accelerated pace. The share of the ruble component in the broad money supply has increased from 41% in December 2020 to 63% in July 2025. Simply put, since the start of 2025, people have been selling an average of $30 million in foreign cash every day,” the president said.
“When people trust the state, they bring their money to the bank. It should be noted that some good results have been achieved lately. Since 2021, time deposits in Belarusian rubles by legal entities and individuals have almost tripled,” Aleksandr Lukashenko stated.
The Belarusian president emphasized that special attention must be paid to the formation of long-term resources. He added that banks should prioritize attracting funds for a period of over three years.
“It is necessary to build a system of work to attract such resources on the most attractive terms for our citizens. This may require new and bold solutions. I believe there is room for improvement here,” Aleksandr Lukashenko said.
At the same time, the head of state pointed out, other sources should not be forgotten, like attracting foreign capital, and internal resources, including profits. “And the banking system receives quite good profits. But they must be managed responsibly. This money should not be squandered or channeled entirely into annual bonuses for top managers but must instead be returned to the economy,” the head of state stressed.
In this regard, the president instructed that they be directed towards financing economic development – primarily to projects that create added value.
“The regulator must ensure all conditions are in place for banks to freely build up their resource base to the necessary levels. The amount of money in the country must correspond to the real needs of the economy and not lead to price growth. In this connection, the task of the National Bank is to strengthen control over the money supply,” the Belarusian leader said.
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