Lukashenko warns against hoarding of reserves
12:47, 9 September
Photo: BELTA
At the meeting with the top management of the National Bank and other banks on 9 September, Belarusian President Aleksandr Lukashenko warned against hoarding of reserves, BelTA has learned.
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Speaking about the main tasks for the banking and financial system, the head of state emphasized that it is important to ensure financial stability.
One of the most important indicators, including those characterizing the level of economic security of the state, is the volume of gold and foreign exchange reserves.
As of 1 September 2025, they were estimated at nearly $12.5 billion, having increased by almost $5 billion since the beginning of the current five-year period.
“But I would like to note that this was largely attributed to the growth of world gold prices. And this does not always happen. This means that we cannot slow down. And it is probably wrong to just rely on the ‘piggy bank’. The money should work being invested in projects that benefit the country (with a quick return) or long-term export contracts,” the president said.
Aleksandr Lukashenko set the task of maintaining gold and foreign exchange reserves at a level sufficient for stable economic operation during the next five years. “Therefore, we need to skillfully develop and, if necessary, recalibrate our strategy for managing international reserve assets,” the president said.
He emphasized that while control of the currency market is paramount, it is equally critical to prevent excessive volatility in the national currency’s exchange rate.
“Banks, non-bank financial institutions, and the payment system must all execute their functions with competence and precision. Your task is to guarantee safe and uninterrupted payments and settlements. The National Bank should maintain the strictest oversight. It’s necessary to act proactively to minimize any risks to the seamless operation of the banking and payments market,” the Belarusian leader noted.
Aleksandr Lukashenko recalled the technical failure on 9 July, which mistakenly debited funds from some Belarusian cardholders. “While you fixed the issue within 24 hours, the incident affected public trust. This should not happen again. It is necessary to identify the root cause to prevent future occurrences. Furthermore, the public must be notified clearly and in due time of any planned technical work,” the president said.
