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NBRB tracks availability of resources for government programs

MINSK, 28 November (BelTA) – The National Bank of the Republic of Belarus keeps an eye on the availability of resources for financing government programs. The information was released by Mr Nikolai Luzgin, First Deputy Chairman of the National Bank of the Republic of Belarus, on 28 November, BelTA has learned.

The official said: “Some of the assets required for government programs are being gradually transferred to the Belarus Development Bank. It is a routine process, it goes on all the time. Apart from that, the National Bank and the government try to take into account the availability of relevant resources when new programs, resolutions and so on are adopted. At present all the new programs and resolutions have to go through the National Bank to verify the availability of resources”.

The NBRB representative also spoke about the fulfillment of the terms specified by the stabilization program of the EurAsEC Anticrisis Fund regarding an increase in the credit portfolio of banks. “The faster growth rate of the credit exposure is an issue but things are being discussed,” said Nikolai Luzgin. In 2012 the bank lending to the economy was expected to increase by 15% at most. Meanwhile, in January-October 2012 the bank lending to the economy rose by over 30%.

Nikolai Luzgin said the response of the general public to the restrictions on foreign currency loans for corporations was positive overall. He remarked that the National Bank of the Republic of Belarus had done it to slightly “set right the discrepancies created by the large difference in interest rates on ruble loans and foreign currency loans”.