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Belarus president wants softer financial policy

19.06.2020

MINSK, 19 June (BelTA) – The financial policy pursued in the country should be relaxed. Belarus President Aleksandr Lukashenko made the statement during the government conference held on 19 June to discuss how the banking system can support the real sector of the economy, BelTA has learned.

The president discussed the strategic matter of further lending to the economy with participants of the conference. “We will certainly resolve current difficulties. I guarantee it. But starting next year we have to grow as fast as the world's average,” he noted.

Aleksandr Lukashenko said: “For the last five years we've been pursuing a rigorous monetary and currency policy. We've accumulated certain gold and foreign exchange reserves and budget leftovers. We've always known they were set aside for a rainy day. I am not saying that day has come. This is a problem because we don't know what will happen to the global economy, on which we (and other countries) depend so much. Everything is globalized, everything is related. It is difficult to understand whether today is a rainy day or things will be even worse just like in other countries.”

As an example he referred to the complicated situation in the USA, European countries, the unstable situation in the Asian region. “The situation is very complicated. It is understandable that certain support measures are needed now. Not on the scale of a rainy day but certain support measures must be implemented. There is no doubt we should start a steady trend towards relaxing the financial policy,” the president stressed.

The head of state pointed out it is necessary to use all tools to replenish resources of the banks: deposit auctions of the Finance Ministry, more relaxed liquidity requirements on the part of the central bank, banking system profits, and things like that.

The president also drew attention to the need to ensure constant growth of lending to the economy. “I would like you not to restrain these conditions,” he stressed.