President of Belarus Orders Banks to Assist Enterprises in Foreign Economic Activities

The President of Belarus, Alexander Lukashenko, at a meeting with the staff of the National Bank and banking leadership, demanded comprehensive support for enterprises engaged in foreign economic activities, reports BELTA.

The Belarusian leader emphasized the urgent need to reverse the trend of rising inflation.

"Storing funds away" is a mistake: Lukashenko called for forcing the country's foreign exchange reserves to work.

"Strangely enough, the government and the National Bank are unable to agree on the procedures for cooperation between state agencies and enterprises when problematic situations with international payments arise. It’s like the fable of 'The Swan, the Pike, and the Crab' — each pulling in their own direction, and the issues remain unresolved. We must eliminate any possibility of financial losses for the country. Currency earnings must flow in fully," the President underscored.

In this regard, the President tasked the National Bank and the banking system with providing comprehensive assistance to enterprises in conducting foreign economic activities. This involves several directions. Among them, Alexander Lukashenko highlighted expanding the correspondent banking network in friendly and neutral countries, as well as conducting settlements in the national currencies of major trading partners.

The President also pointed to the necessity of using friendly systems for transmitting financial information and defining optimal and efficient schemes for cross-border payment interactions. Additionally, he noted, it is important to utilize effective alternative mechanisms for settlements, such as debt assignment, cryptocurrency transactions, cash payments, and other tools.