Lukashenka to appoint new head of the National Bank of Belarus

Nadzieya Jermakova was nominated to become a new chairwomen of the Belarusian National Bank. Ms Jermakova had been a deputy director of the biggest Belarusian state-owned commercial bank Bielarusbank.

Jermakova presented today the main tasks she wants to tackle during her term in the National Bank. The highest priority is expanding foreign currency reserves.

When asked by the journalists about the situation at the foreign currency market, she responded that indeed there is not enough currency to supply it to exchange offices, but – in her opinion – that is not the most urgent problem.

– In many countries it is not easy to buy currency, but even there the economy is growing and people leave in peace. In our country, people want to keep the currencies in their pockets. They lack rubles to buy bread, but have 15-20 dollars in their pockets. The currency will not fall from the sky, we need to either borrow it or earn it. In order to earn it, we need to focus on developing our export sector, and decrease import. I believe that the banking system should aim at developing the economy and meeting the needs of citizens – said Jermakova.

Jermakova is not planning to fire people in the bank. – I know very well the National Bank team of employees, they are harmonious and work great together. – she added.

Stanislav Bahdankievich, a former head of the Belarusian National Bank, thinks that Jermakova is a professional with good educational background. – However, the National Bank is an instrument meant for analysis and stabilization. Nadzieya Jermakova is not an analyst. At this point we should fight the inflation, but the authorities are not succeeding and she probably will not either – he commented.

The former head of the National Bank, Piotr Prakapovich retired on July 18th. He underwent a serious heart surgery in April and has not been active in managing the bank since than, which coincided with time of the serious currency crisis.


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