Kallaur: pace of bank lending to economy outpaces GDP growth

The National Bank of Belarus, together with commercial banks, ensures processes necessary for the normal functioning of our economy, Chairman of the National Bank’s Board Pavel Kallaur told reporters after his report to the President

“We primarily ensure the savings process in order to accumulate recourses –necessary for further lending to the economy,” explained Pavel Kallaur. “We have a constant growth in national currency deposits. The structure is dominated by the deposits for over a year, which is very important, because the economy needs long-term resources used by banks for lending to investment projects.”

According to the National Bank CEO, banks ensure the proper pace of lending to the economy, “Last year, both enterprises and the population actively used loans. The increase in banks’ demands on the economy was 19 percent (I’m referring primarily to the national currency). This year, the pace of lending to the economy is outpacing GDP growth, indicating that the banking system quite effectively solves the tasks assigned to it. As for work in the markets, we proceed from the fact that we should not allow the economy to become unbalanced at the macroeconomic level.”