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Full return of all bank deposits will be guaranteed in Belarus - Legal advice for a foreign company doing business in Belarus Making the world a beautiful place - one painting at a time Making the world a beautiful place - one painting at a time
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Full return of all bank deposits will be guaranteed in Belarus

Full return of all bank deposits will be guaranteed in Belarus in line with the presidential decree the National Bank has been commissioned with working out within a short time. Head of state Alexander Lukashenko gave the relevant instruction to Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Piotr Prokopovich on October 17, BelTA learnt from the presidential press service.


The decree provides for state guarantees for all deposits regardless of the sum and allows accepting unlimited deposits from Belarusians and foreign citizens without declaration, with privacy of deposits guaranteed in line with Belarusian laws.

Piotr Prokopovich remarked, the decree had also been brought about by the fact that in view of events in neighbouring countries a lot of foreigners are now willing to trust Belarusian banks with their deposits.

The President also charged the NBRB with bringing in the regulations, which will enable Belarus to become one of the world’s top 30 countries with the most favourable lending terms. The documents will be submitted next week.

The head of state was told that all goals outlined by the 2008 Major Monetary Management Guidelines are being reached as well as goals meant to create conditions for the country’s economic growth.

The national currency continues being stable. Since early this year the Belarusian ruble has gained 1.7% against the US dollar and has become stronger with regard to euro and Russian ruble.

Piotr Prokopovich assured, the stability of the national currency will be preserved till the end of the year in compliance with the Major Monetary Management Guidelines.

According to the NBRB head, this year’s lending volume is unprecedented. Credit resources lent to the real economy over the nine months increased by over 60% in comparison with the same period of last year.

Special attention is paid to financing state programmes and lending for individuals, especially housing loans and consumer loans. In 2009 the amount of preferential loans for individuals is supposed to increase by over 40%. The sum can be increased even more if necessary. Piotr Prokopovich assured, the volume of regular housing loans for individuals will increase as well.

He remarked the interest rate policy of the NBRB keeps in line with the Major Monetary Management Guidelines.

The official underscored, the payment system continues working steadily and without hitches.

Over the nine months deposits of individuals increased by over Br2.8 trillion in comparison with the same period of last year. The increase is higher than the expected sum. In September and October deposits of individuals increased instead of falling. Piotr Prokopovich believes it is very important in view of the negative phenomena concerning deposits of individuals in neighbouring countries and the world. It means Belarusians trust the banking system and the state. The banking system and the government fully guarantee the safety of individuals’ deposits, stressed Piotr Prokopovich.

The NBRB head assured the President the national banking system will continue creating conditions necessary for rapid economic development of the country and better living standards for people.