Belarusian banking and financial systems stable

The situation in the banking and financial systems of Belarus is stable. The national currency is getting stronger. All goals outlined by the 2008 Major Monetary Management Guidelines are being reached. The information was presented by Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Piotr Prokopovich in his report to President of Belarus Alexander Lukashenko on February 25, the press service of the President of Belarus told BelTA. Alexander Lukashenko was informed, since early 2008 the official exchange rate of the Belarusian ruble against the US dollar has gained Br3. The positive tendency has been in place for the last three years. The achievement is fostered by good performance of the national economy: in January 2008 foreign currency proceeds of Belarusian companies increased by 60% up on January 2007 or by more than $900 million. The stability of the Belarusian ruble is ensured by corresponding gold and foreign exchange reserves. Before early 2008 the gold and foreign exchange reserves amounted to $4,993 million in national terms while now the figure is approaching $5,200 million. The demand of the national economy for loans is fully satisfied, the payment system works reliably, with bank resources on the rise. The National Bank is pursuing an interest rate policy in line with the Major Monetary Management Guidelines. The NBRB head said, this year several new foreign investors are expected to come into the Belarusian banking industry. Negotiations with banks of Germany, Poland, Italy, France and other countries are in progress. Alexander Lukashenko was informed about the fulfilment of his instructions regarding the operation of agricultural companies run by the National Bank. Last year earnings of these companies increased by 50% up on 2006 (over 140% up on 2005). Over the last two years their profits have jumped by over 350%. The President demanded that efforts aimed at land accomplishment and energy saving should be stepped up, with the performance of the abovementioned agricultural companies advanced up to standards of Belarus’ leading companies. The meeting also touched upon the development of rowing sports in Belarus and the fulfilment of other instructions of the head of state.