Events

MINSK, 11 November (BelTA) – Belarus President Alexander Lukashenko has ordered to come to grips with and optimize the spending in the banking sector. The President made this statement as he heard out a report of the government, the National Bank, the oblast executive committees and the Minsk City Hall on 11 November. The report dealt with the country’s economy performance in 2014 and preliminary projections, draft budget and monetary policy for 2015, BelTA has learned.

Alexander Lukashenko emphasized: “Banks are cashing in! They borrow money under the 20% interest rate and resell them with a 15-20% margin. And the bankers dare say that it is not enough to maintain the normal operation of banks”.

Addressing Chairperson of the Board of the National Bank of Belarus Nadezhda Yermakova, the head of state said: “I do not want any more talks stating that you and banks are living large. For example, I will give you a formula. Your salary should be about as big as that of the prime minister. The other salaries should be ranked the way it is done in the government. Those, who do not want to work, can go ahead and quit. The same pertains to the spending made by all banks, starting with you. Two company cars for the National Bank will be quite enough. This is not cheap, as the gasoline prices are high. The salaries, maintenance, software – the things one cannot do without – should be approved by you personally for each employee. Other expenses should be eliminated. You report to me about it without reconciling your position with other banks”.

“Everyone must be treated in the same manner. Then, if we have tough times, we will be able to explain ourselves to people. Is it tough for you? It is tough for everyone. It is not a minor matter. It turns out it adds 15-17% to the cost of our bank loans. Regardless of the type of the bank — Belarusian, Russian, or foreign ones - everyone must be treated alike,” the President said.