Lukashenko: The Banking System Must Foster Economic Growth

This was the assertion made by President Alexander Lukashenko during the hearing of the report by the Head of the National Bank, Roman Golovchenko.

On August 12, in the Palace of Independence, discussions centered around the work of the banking system and the current state of the financial market. President Lukashenko listened attentively to the report presented by Roman Golovchenko.

Roman Golovchenko outlined how the instructions from the head of state, issued to the new management team, are being implemented. The situation in the financial sector is characterized as positive. The new leadership of the main financial regulator had to begin its work with discipline, and the only objective assessment of the banks’ performance is the tangible result — there is no room for subjectivity.

Today’s conversation does not preclude broader, more comprehensive discussions. The Head of State has already announced his intention to convene a large meeting with banking specialists and the leadership of the National Bank. For Alexander Lukashenko, it was crucial to understand Roman Golovchenko’s perspective on the state of the economy as a whole.

“Our meeting today, along with your report on the country’s situation and the banking and financial sectors, does not mean that we will not also meet at the presidential level with banking experts and leaders of our financial institutions and the National Bank, primarily to definitively determine the policies we will pursue in the near future, and to clarify my stance regarding the National Bank,” Lukashenko emphasized.

He also pointed out that one of the aspects requiring further clarification is the appointment of Roman Golovchenko as head of the National Bank.

“Many are protesting, especially the fugitives, claiming ‘He’s not a specialist, he was appointed to the bank,’ and so forth. We must answer all these questions,” the President stated.

Regarding Golovchenko’s work as Chairman of the National Bank, the President noted that his actions, decisions, and the overall state of affairs in the banking sector are regularly subjected to expert evaluation.

“Experts keep an eye on you too,” Lukashenko remarked.

The President also addressed the topic of increasing the overall profits of banks in the country.

“I honestly don’t quite understand whether this is good or bad. When you were Prime Minister, you said it was bad — that banks are hoarding money,” he recalled.

“Of course, it’s good. We have begun to take the profits of banks from the government and direct them toward financing the economy,” Golovchenko assured.

“This is very important. Banks should not hold excess funds. And profits are still derived from those who keep their money there — mainly, that’s the case. Therefore, I very much hope this will continue. The economy must develop, and the banking system should contribute to growth,” the President stressed.

He also raised the issue of further steps regarding cryptocurrencies and the development of the crypto market — a topic that has been on the agenda for years, with its significance only increasing.

Roman Golovchenko briefed on the main approaches of the National Bank in regulating this market. The head of the bank answered current questions concerning the financial sector. All necessary measures are being taken to stimulate investment lending. Over the past six months, nearly 3 billion rubles have been invested in projects that generate added value. Regarding consumer lending, Golovchenko emphasized that it should not be unchecked. In the past half-year, lending for Belarusian-made goods increased by about 35%.

He also discussed what lies ahead for the refinancing rate.

“Currently, we see no grounds for tightening monetary policy. In particular, the issue of raising the rate is not on the table; perhaps a decision to lower it will be made. The National Bank closely monitors the situation and is ready to act swiftly if necessary,” Golovchenko stated.

“Right now, there is enough money in the economy: the banking system has a liquidity surplus, so the money supply can meet the needs of investments and development. We are carefully tracking all processes. The National Bank employs highly qualified specialists equipped with a broad set of tools to respond promptly and adequately to changing circumstances,” he added.

The National Bank of Belarus actively issues commemorative and investment coins made of precious metals. Previously, these were ordered abroad. Now, there is a move toward import substitution in this area as well. The first gold coin was minted at the Gomel-based “Kristall” plant, and its head presented it to Alexander Lukashenko.

Belarusian banks are successfully fulfilling their tasks and earning substantial profits. Alongside the Development Bank, the banks’ profits for the first half of the year amounted to approximately 3 billion rubles, a significant increase compared to the same period in 2024. Recently, a record level of gold and foreign exchange reserves was achieved — exceeding $12 billion.