Belarus’ Banking System to Remain Stable in Global Financial Crisis

The banking system of Belarus will remain stable in the global financial crisis, Chairman of the Association of the Belarusian Banks Felix Chernyavsky told a press conference on November 19, reported Belta.

“The global crisis did not affect the banking system of Belarus as the country’s banks managed to avoid bankruptcy and, moreover, preserved their stability and secured a full return of deposits,” he said. According to the expert, the global financial crisis affects the country by the worsening borrowing conditions on the foreign markets, difficulties with the sales of products and a rising competition in the recession period.

According to Felix Chernyavsky, on the back of the bankruptcy of the overseas banks and companies, “we are almost unheard and unseen”. “Of course the global crisis affects the banking system of Belarus to some extent. Our system, however, will remain stable in the new future,” he said.