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Belarusian economy fine without extra support from banks

MINSK, 16 January (BelTA) – At present the operation of the Belarusian economy does not require extra support from the banking system, the press service of the Belarusian head of state quoted Nadezhda Yermakova, Chairwoman of the Board of the National Bank of Belarus, as informing President of Belarus Alexander Lukashenko on 16 January.

Alexander Lukashenko was interested in how the situation on financial markets was developing, what were the trends of late 2011 and early 2012. “Different opinions were voiced. There were talks that we were about to change the financial policy. There were many provocation rumors. According to my data, the National Bank and the government decently handled the period. Time has proved that these rumors are totally groundless,” remarked the Belarusian head of state.

“For the first time in history our gold and foreign exchange reserves are sufficient to keep any exchange rate of the national currency. But the exchange rate must be reasonable as we agreed and it must be free,” stressed Alexander Lukashenko.

Nadezhda Yermakova informed the President that the overall situation regarding the currency exchange and the banking system is good. As of 1 January 2012 gold and foreign exchange reserves stood at $7.9 billion in international terms.

The liquidity in the banking system is normal, no increase in troubled loans has been registered, banks and the payment system operate steadily without disruptions. The cash market is calm, too. The amount of foreign currency sold by individuals daily in US dollar terms exceeds the amount of currency they buy by $5-7 million. “The economy is self-sufficient without extra support from the banking system,” stated the NBRB head.

Alexander Lukashenko gave instructions to continue supporting the stable operation of the banking industry of Belarus.