Aleksandr Lukashenko meets with NBRB chief Nadezhda Yermakova

    On 27 November President of Belarus Aleksandr Lukashenko met with Chairperson of the Board of the National Bank of the Republic of Belarus (NBRB) Nadezhda Yermakova to receive her report.

    “Before our talk I was informed about the situation regarding the currency market. I should say that there are no alarming factors at present. In November the situation was stabilized and, I am told, in the 22 days the overall supply of foreign currency exceeded the demand by roughly $150 million and the process continues. It means that the supply may exceed the demand this month by more than $200 million. It is a good indicator”, the President said.

    Aleksandr Lukashenko also remarked that the gold and foreign exchange reserve had not been reduced and stand at $8 billion. “Stability has been secured in other segments of the currency market, too,” said the head of state.

    Yet the President drew attention to the development of the economy. “Stability is a good thing. Without stability further development is out of the question. But you understand perfectly well that without an economy there can be no stability. If we do not care about the economy while your task and the government’s task is to enable affordable loans for our economy, bad times await us. I may not happen this year or the next one, but the effect will accumulate. I see it while traveling around the country and meeting with heads of enterprises. Therefore, I am interested in this matter most of all,” Aleksandr Lukashenko added.

    Nadezhda Yermakova remarked that the National Bank of the Republic of Belarus regularly takes measures to encourage the development of the national economy. “At present the currency market and the financial one are stable. Belarusian ruble deposits of individuals are on the rise as well as foreign currency deposits. We see foreign currency flowing in, including the currency sold by economic operators,” said the NBRB head.

    “As far as support for the economy is concerned, certainly, it is about lending. Yes, today’s ruble loans are expensive for corporations. But the fact drives them to find ways around it, to streamline their management practices, to collect accounts receivable in order to pay salaries and buy raw materials,” Nadezhda Yermakova said. She specified that the government provides aid in implementing effective projects, which are designed for export or import substitution, in the shape of lower interest rates on loans. “Interest rates are compensated for by the central state budget or oblast budgets. Meanwhile, the banking system controls the effectiveness of using the credit money, which has to produce results,” the NBRB head remarked.