Ambassador comments on Belarus-Russia single payment space discussions

“With regard to the monetary and credit policy, the main focus was made on the formation of a single payment space. The presidents heard out reports on the progress made in the efforts to increase the share of payments in national currencies. It was the cornerstone of our anti-sanction policy – some 85% of our trade is carried out in national currencies. The relevant officials reported on the work done to develop a financial messaging mechanism, to introduce a rapid payment system, Mir-Belkart payments, to fight financial crime, to supervise or foresight the payment market and cross-border movement of money, as our bankers say. The emphasis here was made to ensure that the money for export-import operations would arrive as quickly as possible, notwithstanding the restrictions on many of our key banks,” Dmitry Krutoi stressed.

He noted that in matters of monetary policy the Union State synchronizes with the decisions taken within the framework of the Eurasian Economic Union. “In our Union State we must certainly keep in mind the Eurasian Economic Union. Within the framework of the ‘Five' we keep the transition of all countries to the inflation targeting regime as the main goal in the long term. So far monetary targeting regime has been used in Belarus,” the ambassador said. In his view, this strategic goal within the ‘Two' union can be achieved by 2025.