Source: National Bank of the Republic of Belarus in English
On November 1, 2019, the High-Level International Forum on Increasing Confidence in National Currencies was held in Minsk. The Forum was dedicated to the 25th anniversary of the legislative recognition of the Belarusian ruble as a sole legal tender of the Republic of Belarus.
The event was attended by senior management and other representatives of the central banks of Armenia, Kazakhstan, Kyrgyzstan, Lithuania, Moldova, Russia, Tajikistan, Turkey, the Czech Republic, and Interstate Bank, Eurasian Development Bank, Eurasian Economic Commission, European Bank for Reconstruction and Development, International Monetary Fund, representative offices of the World Bank and International Finance Corporation in the Republic of Belarus, as well as heads and specialists of Belarusian government agencies, and representatives from academia.
“By dint of conducting an active dialogue on seeking additional incentives for the national economic growth, we understand that the national currency is the most important economic tool that ensures financial linkage of the state’s structural elements, namely, its social and economic spheres,” noted Pavel Kallaur, Chairman of the Board of the National Bank of the Republic of Belarus, opening the Forum.
In his words, the confidence is a key component of a social capital. Despite the fact that this asset is intangible, it has a significant impact on investment potential, inflation expectations, the level of transaction costs and susceptibility to innovation.
“Under the conditions of a dynamically changing external environment, its value raises significantly, which means it requires increased attention from the economic authorities. A high level of confidence in the national currency is a true criterion for the success of all management decisions and transformations and, ultimately, an important indicator of the efficiency of economic measures taken”, emphasized Pavel Kallaur.
In the course of the event, the reports on relevant topics were delivered by Sergei Kalechits, Deputy Chairman of the Board of the National Bank of the Republic of Belarus (Russian version), Elvira Nabiullina, Governor of the Bank of Russia, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, Jacques Miniane, Mission Chief of the International Monetary Fund for the Republic of Belarus, as well as Alex Kremer, Head of the World Bank Office in the Republic of Belarus.
Within the framework of the Forum, an exchange of views on modern approaches of regulators applied to increase confidence in national currencies and the central banks’ policies, macroprudential regulation mechanisms used to maintain financial stability, as well as the relevance of structural changes to enhance economic growth took place.