National Bank CEO: Belarus’ enterprises don’t have significant problems in conducting cross-border payments
Belarusian enterprises do not have any significant problems regarding cross-border payments – as stated by Chairman of the National Bank’s Board Pavel Kallaur after his report to the President on the work of the banking system and measures taken to support foreign trade activities
He noted, “This is a very difficult challenge for our economy, since there have indeed been significant changes in the global financial system. Our banks are increasingly switching to direct relationships with banks in other countries. This requires time and, accordingly, additional costs. But at the same time, our enterprises do not have any significant problems in conducting cross-border payments.”
“Since sanctions have been imposed, correspondent banks use compliance control of cross-border payments which requires time. Therefore, the speed of payments is not the same as before the introduction of sanctions. Nevertheless, in general, the problem is being settled,” Pavel Kallaur added.
