Meeting with NBRB Chairman of Board Pavel Kallaur

The establishment of a centralized cash logistics company should not increase costs for the banking industry. Belarus President Aleksandr Lukashenko gave the relevant instruction as he received a report from Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur on 25 January.

The head of state pointed out that the idea to set up such a company had caused some debates and even misunderstandings and miscommunication. Aleksandr Lukashenko said he would like to know whether the future company — Belinkassgrup — which will be created to relieve the central bank of non-core functions, will inflate personnel numbers in the central bank and the banking industry as a whole. Aleksandr Lukashenko said he was also interested in what kind of company it will be.

“This is what I am concerned about. Even personnel numbers are not the problem. Money is what matters. We should optimize things so that the state could spend less,” said Aleksandr Lukashenko.

“Before signing the decree I think we should discuss whether we can do without such a company and whether the company will be truly beneficial for the banking industry as a whole,” he added.