Meeting with management of Belarus' National Bank, heads of commercial banks

Belarusian President Aleksandr Lukashenko helda meeting with the management of Belarus' National Bank and the heads of commercial banks on 9 September.

The head of state noted that when appointing Roman Golovchenko as Chairman of the Board of the National Bank, he spoke of his intention to meet the team this year. Today, Aleksandr Lukashenko is fulfilling his promise. Especially since the composition of the board has been substantially renewed, and meetings with the teams of the largest bodies of the state vertical to synchronize positions and define tasks have become regular.

"We have recently held a meeting with the Belarus President Administration and our diplomatic corps. A meeting with the government is ahead. Today we will talk not only about the National Bank but also about the development of the banking and financial system in general, which, like our entire country, is going through a challenging period," the President said.

"Over the past five years, the national economy, and with it the Belarusian banking sector, have faced unprecedented challenges," the head of state stressed. He stated that unprecedented, draconian sanctions had been introduced against Belarus.

"They waited for us to fall to our knees. But today we can say (perhaps even with confidence): we are not bankrupt, we have managed. Yes, it was difficult. It is still difficult. It is unlikely to get any easier going forward," Aleksandr Lukashenko said.

It is precisely in this way, according to the President, that states pursuing an independent policy pay for their sovereignty in the modern world. In this sense, Belarus has learned a great deal and continues to learn.

"After all, various threats have not gone away; the struggle for influence, resources (including financial ones), and minds is becoming increasingly harsh and unpredictable. We continue to fight for peace, stability, and the confidence of our people in the future," the Belarusian leader said.

Marking six months since the appointment of Roman Golovchenko the head of the National Bank, the President reviewed the progress on key tasks, which prioritized strengthening the banking system's role in economy, accelerating the adoption of digital technologies, and bolstering information security.

"Reports indicate that the monetary and foreign exchange situation is generally secure. As of now, not everything has been done, some gaps remain," the President said.

Aleksandr Lukashenko addressed common public complaints against banks, like refusals to accept older U.S. dollars and the coercive bundling of insurance products.

He issued a firm warning: "From 1 January 2026, any such instances will result in the automatic disciplinary liability of the bank's CEO. It is unacceptable to burden people with far-fetched requirements. There is no need to pretend you are smarter than everyone else."

The head of state noted that, overall, the situation in the monetary sector and the foreign exchange market does not raise concerns. However, there are certain shortcomings that need to be addressed. In particular, Aleksandr Lukashenko mentioned complaints from Belarusian citizens about banks: instances where old dollar bills are refused, or where insurance services are forced upon customers.

"Let us agree that, as from 1 January 2026, any such instances will automatically lead to disciplinary action against the head of the bank," the President emphasized. "It is unacceptable to mistreat people with these invented pretexts. There is no need to show that you are smarter than others."

The President also drew attention to the fact that bank profits are sometimes used for purposes other than intended, and such facts are revealed during inspections.

It happens that credit brokers work undercover, just like spies: they provide computer services, credit history decryption services.

"Rising commission fees charged by banks also remain uncontrolled for now. One must strive for benefit through fairly. One cannot think exclusively in terms of profit," Aleksandr Lukashenko stressed. "Do not forget that we have about 2.5 million pensioners in the country. About 2 million people live in rural areas."

"Has the National Bank loosened its grip on regulating bank earnings?" the head of state asked.

Furthermore, the issue of protecting the citizens' interests when issuing mortgage loans to individuals remains unresolved. There are known cases where people practically ended up on the street after taking out such a loan, the President mentioned.

"There are gaps in the regulation of leasing services," he continued. "Leasing companies evade restrictions on the size of advance payments and reserve the right to unilaterally change the size of payments. We must put an end to this."

Among the shortcomings, the President also outlined problems with conducting cross-border payments.

"In addition to the challenges of navigating international payment routes, there is an organizational problem when enterprises are forced to find their own settlement solutions. With such a huge staff at the National Bank - and you have more than 660 people which is three Belarusian governments - can't you allocate a team for this task?" Aleksandr Lukashenko said.

According to him, facts of internal and external fraud in the banking system are also revealed during inspections. "Criminal cases have been initiated against bank owners for tax evasion, for evading duties," the President cited examples. "Crimes related to the illegal obtaining of loans based on documents containing false information are systematically identified."

The head of state warned that such things are utterly unacceptable. "Banks and non-bank credit financial institutions must be honest, operate exclusively in compliance with the law, in the interests of the people and the country."