Lukashenko: Pre-crisis salaries within 1-1.5 years
06.02.2012 19:15
MINSK, 6 February (BelTA) – Salaries of Belarusians can be returned to the pre-crisis level within 1-1.5 years, said President of Belarus Alexander Lukashenko as he heard out a report from Chairwoman of the Board of the National Bank of the Republic of Belarus (NBRB) Nadezhda Yermakova on 6 February.
The press service of the Belarusian leader quoted Alexander Lukashenko as saying: “If the economy operates well and people work well, we will be able to return to the previous salaries of individuals and can exceed the figures within 1-1.5 years. We can earn good money so that people would feel an improvement of their lives and it is already happening. I think if we recover from this complicated winter in a normal way, I mean if we don’t have to re-sow crops due to frost and so on, we will find the money”.
The President warned against printing cash. The head of state was informed about the state of affairs on the currency market, the lending situation, including lending for home construction, other state programs.
“I should say that you are so far working well with bankers and the government regarding the fulfillment of the programs we had outlined to stabilize the situation,” said Alexander Lukashenko.
In his words, the national economy is stable at the moment. “As far as I am aware, we have not been spending gold and forex reserves, they have increased and we can raise them more. But we should not let money stay idle. Money should work as part of the economy. Yet we need to keep something to avoid cataclysms in the future,” said the President.
Alexander Lukashenko pointed out high interest rates for new loans.
“Credit resources are very expensive. The economy naturally cannot stand the credit situation for a long time. Therefore, the refinancing rate of the National Bank should be reduced little by little. We should send normal signals to our economy, economic entities and the refinancing rate should be lower because with the present rate any intensive development of the economy is out of the question,” said Alexander Lukashenko.
The President instructed the banking system to control purposeful use of credit resources, stressing credit resources should be provided for effective projects only.
Over the last three months the national currency has been stable. In late January – early February the exchange rate of the Belarusian ruble gained a bit due to larger sales of foreign currency at the currency and stock exchange. According to Nadezhda Yermakova, mandatory sales of foreign currency have increased by about $42 million.
The President was also informed about the state of affairs regarding deposits. He was told that the growth of foreign currency deposits outstrips the growth of Belarusian ruble deposits.
Nadezhda Yermakova said the financial performance of the economy was good. If it stays like that, it would help effective operation of the economy a lot.
Other matters pertaining to the operation of the National Bank were discussed at the meeting, too.
