Alexander Lukashenko: Belarusian banking system has grown much stronger lately

The Belarusian banking system has grown much stronger lately, President of Belarus Alexander Lukashenko told a government session dedicated to the state guarantees of the safety of individuals’ deposits in banks on November 4. “No matter how hard the present days can be our banking system is much more powerful than it was. The possibility of extending state commitments to depositors has emerged,” he said. Alexander Lukashenko reminded decree No 4 of April 20, 1998 is already in effect. The decree guarantees the safety of foreign currency deposits in Belarus’ six largest banks. Moreover, July 8, 2008 saw the law “Guaranteed indemnification of bank deposits of natural persons” adopted. The law also provides for state guarantees of the safety of national and foreign currency deposits as large as an equivalent of ?5,000. “The existing legal instruments, however, have certain limits concerning the protection of individuals’ deposits,” said the President. “Today we should discuss very important draft presidential decrees regulating the protection of deposits of natural persons and the facilitation of bank paperwork”. The President underscored the legal instruments had not been brought about by an emergency.

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