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30 Dec 2014

Strengthening trust in Belarusian ruble named as strategic objective

MINSK, 30 December (BelTA) - The strategic objective for the National Bank is to strengthen the trust in the Belarusian ruble, Belarusian President Alexander Lukashenko said when introducing Chairman of the Board of the National Bank Pavel Kallaur to his office, BelTA has learned.

The President stressed that the National Bank is now facing a difficult task. Alexander Lukashenko named the priorities for the National Bank, among them is the stability of the national currency. "You have a strategic objective which is to strengthen the trust of people and enterprises in the national currency, the Belarusian ruble," the President said.

"This means reducing the dollarization of the economy. But not by artificial restrictions. We need real, effective measures that will give concrete results like the increase in deposits and loans in the national currency,” added Alexander Lukashenko.

The President stressed that people should not be afraid to keep their savings in Belarusian rubles instead of foreign currency. We do not want people to "rush to exchange offices upon receiving a paycheck, getting rid of rubles."

Alexander Lukashenko noted that retail deposits are protected by the state. "It has always been like this and it will remain so," he said.

The President noted that the National Bank has stabilized the situation for the time being. But the head of state wants forward vision and proactive efforts, especially in matters of exchange rate policy.

Resilience of the exchange rate to external shocks is an important factor, the head of state continued. "Our currency should be less dependent on the other currencies. It should be backed by the national wealth, gold and currency reserves. Our task, and above all yours, is not just to maintain but to increase the reserves of the country. To do this, we need to improve the balance of payments,” concluded the President.

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