Lukashenko: financial activity should be subordinated to economic interests

All financial activity should be subordinated to the interests of the economy – as stated by the President of Belarus, Aleksandr Lukashenko, while being reported on the work of the banking system and measures taken to support foreign trade activities

The Head of State underlined, “The economy is of paramount priority. All financial activity should be subordinated to the interests of the economy, no matter what the cost. This is the main point. Otherwise, why do we need such a financial system?”

Chairman of the National Bank’s Board Pavel Kallaur, First Deputy PM Nikolai Snopkov, Deputy Head of the Belarus President Administration Aleksandr Yegorov, Finance Minister Yuri Seliverstov and Deputy Foreign Minister Igor Nazaruk have been invited to the Palace of Independence.

“The main figures involved in Belarus’ economics and finance are present here. I think it would be appropriate to discuss the main problems, namely the problems that we have primarily in the credit and financial sphere,” the President began the conversation.

Aleksandr Lukashenko recalled that when appointing Aleksandr Yegorov as Deputy Head of the Belarus President Administration, he drew attention to the fact that this is a person with good knowledge of finance and banking, so it will be easier for the President Administration to conduct a dialogue with the National Bank and specialists.

“They are on the same wavelength and studied at the same universities,” the President explained. “The State Control Committee also joins us. As you understand, Pavel Vladimirovich [Kallaur], the National Bank cannot be outside the control. Control is exercised by the President, and you have probably noticed that in connection with the appointment of new persons in the financial and economic bloc, this control will be reinforced.”

According to the Head of State, this does not mean that someone will interfere with the National Bank’s work, “It basically fulfils its functions. As economic results for 2023 show, the economy is coping in a difficult environment connected with pressure imposed on Belarus by unfriendly Western states. This means the Government and the National Bank are working efficiently. However, this does not mean that there are no problems in this regard. So we will discuss these issues openly and honestly.”

“As far as sanctions are concerned, we seem to be coping well, but we feel the US pressure that is primarily related to performing settlements. Russia has also admitted this problem. I have often drawn your attention and that of the Government that business entities need our assistance where we can help them: calmly, without any noise. I would like to know (this is a question for both the Government and the President Administration) whether these functions are being performed and to what degree the Foreign Ministry – together with the National Bank – is tackling these problems?” the President accentuated.

Aleksandr Lukashenko summed up, “Here is a set of questions that you will have, Pavel Vladimirovich, and I’m ready to discuss them honestly and frankly in front of these witnesses who are involved in finance in the country.”