MINSK, 27 March (BelTA) - Commercial banks should not be ‘a state within the state’, Belarusian President Aleksandr Lukashenko said as he approved the appointment of Aleksandr Yegorov as First Deputy Chairman of the National Bank of Belarus, BelTA has learned.
"Why were Roman Golovchenko and Aleksandr Yegorov appointed [as top managers of the National Bank]? I want them to streamline this sector. Commercial banks should not be kept ‘a state within the state’," the Belarusian leader emphasized.
Aleksandr Lukashenko explained that the leadership of the National Bank should wield serious influence over commercial banks. "This is for sure. According to our legislation, commercial banks are not subordinate to the central bank but still the National Bank is the main regulator in the country... By the way, the legislation also needs to meet the challenges of our time. So this is something you need to address," the head of state instructed.
"Everyone should be subordinate to someone and have obligations. It cannot be otherwise. I am sure they tried to impose this idea of autonomy on us. We did not accept it by and large. But still there are issues in the banking system. The system needs to be governable," the head of state emphasized.
In the future, the president plans to meet with the leadership of the National Bank to discuss all issues in detail. "So, we will work further. When we meet, I will tell you what I expect from you. I already mentioned this during negotiations in Russia. It is crucial for us to have order in the banking system," Aleksandr Lukashenko said.
"This idea that the central bank should not be too dependent on the government is good. But we have a system in place. If there are no common views and approaches with the government, then consult with the president, because he makes decisions. Thank God, the situation was more or less stable despite some contradictions. Both [former Chairman of the National Bank] Pavel Kallaur and [former Prime Minister] Roman Golovchenko managed to find common ground between the central bank and the government," the president noted.
"Why were Roman Golovchenko and Aleksandr Yegorov appointed [as top managers of the National Bank]? I want them to streamline this sector. Commercial banks should not be kept ‘a state within the state’," the Belarusian leader emphasized.
Aleksandr Lukashenko explained that the leadership of the National Bank should wield serious influence over commercial banks. "This is for sure. According to our legislation, commercial banks are not subordinate to the central bank but still the National Bank is the main regulator in the country... By the way, the legislation also needs to meet the challenges of our time. So this is something you need to address," the head of state instructed.
"Everyone should be subordinate to someone and have obligations. It cannot be otherwise. I am sure they tried to impose this idea of autonomy on us. We did not accept it by and large. But still there are issues in the banking system. The system needs to be governable," the head of state emphasized.
In the future, the president plans to meet with the leadership of the National Bank to discuss all issues in detail. "So, we will work further. When we meet, I will tell you what I expect from you. I already mentioned this during negotiations in Russia. It is crucial for us to have order in the banking system," Aleksandr Lukashenko said.
"This idea that the central bank should not be too dependent on the government is good. But we have a system in place. If there are no common views and approaches with the government, then consult with the president, because he makes decisions. Thank God, the situation was more or less stable despite some contradictions. Both [former Chairman of the National Bank] Pavel Kallaur and [former Prime Minister] Roman Golovchenko managed to find common ground between the central bank and the government," the president noted.
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