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Lukashenko urges National Bank to cut refinancing rate

February 07, 2012, 5:49 UTC+3
The head of state also focused attention on rational use of the monetary funds, and foreign exchange and gold reserves
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MINSK, February 7 (Itar-Tass) — Belarussian President Alexander Lukashenko stressed the need for the country’s National Bank to start reducing its refinancing rate that makes up 45 percent.

“The country has very expensive credit resources,” he said at the meeting with the National Bank’s head, Nadezhda Yermakova, on Monday.

“Of course, the economy cannot stand such situation with loans for a long time, therefore the refinancing rate of the National Bank should gradually decrease,” Lukashenko said.

The head of state also focused attention on rational use of the monetary funds, and foreign exchange and gold reserves.

“As far as I know we had the time of no spending. On the contrary, our foreign exchange and gold reserves increased. We have opportunities to keep them growing. Another question emerges whether we need to keep extra money in reserves. The money should work in the economy. Nevertheless, we should have as much funds as necessary to prevent cataclysms in the future,” Lukashenko said.

 

 

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