Current trend in Belarus: Settlements in Chinese yuan on the rise, but their share remains quite low
<p> MINSK, Sep 14 - PrimePress. Belarus is currently observing a trend: there is an increasing volume of settlements in the Chinese yuan, but their share in the overall structure of settlements is quite low, said member of the Board of the National Bank of Belarus (NBB), Head of the Main Department of Financial Market Operations Denis Goreglyad. </p> <p> </p> <p> The NBB official stated that during the presentation “Cooperation with Belarusian banks under sectoral sanctions” organized by the National Bank of Belarus and Bank BelVEB, BelVEB’s press-service informed. </p> <p> </p> <p> He noted that despite western sanctions and resulting restrictions, the situation in the banking sector of Belarus is quite stable. </p> <p> </p> <p> As for the transition of enterprises and banks of Belarus to the national currency, according to Goreglyad, it is relevant regardless of the sectoral sanctions, and today many businesses are ready for such a step. Thus, currencies other than the US dollar and the euro account for 36% of Belarus exports, and 50% of Belarus imports. </p> <p> </p> <p> There is also a trend towards an increase in the volume of settlements in Chinese yuan, but their share in the overall structure of settlements is rather low. This means that there is potential for significant growth, including in case of renewal of the swap agreement with the People’s Bank of China. </p> <p> </p> <p> According to Goreglyad, as of 1 July 2021, Belarusian commercial banks have opened nine correspondent accounts in the Chinese yuan with banks in China, which allows quality and efficiency of payments and transactions in Chinese yuan. In addition, the UnionPay system is represented in Belarus fairly widely. Its cards are accepted by almost 1.5 thousand ATMs and more than 75 thousand payment terminals. </p> <p> </p> <p> The main objective of the development of bilateral cooperation between Belarus and China in the banking and financial sector should be to bring it closer to the level of the current political interaction, Goreglyad said. End </p>
2021-09-15
Primepress
Current trend in Belarus: Settlements in Chinese yuan on the rise, but their share remains quite low
MINSK, Sep 14 - PrimePress. Belarus is currently observing a trend: there is an increasing volume of settlements in the Chinese yuan, but their share in the overall structure of settlements is quite low, said member of the Board of the National Bank of Belarus (NBB), Head of the Main Department of Financial Market Operations Denis Goreglyad.
The NBB official stated that during the presentation “Cooperation with Belarusian banks under sectoral sanctions” organized by the National Bank of Belarus and Bank BelVEB, BelVEB’s press-service informed.
He noted that despite western sanctions and resulting restrictions, the situation in the banking sector of Belarus is quite stable.
As for the transition of enterprises and banks of Belarus to the national currency, according to Goreglyad, it is relevant regardless of the sectoral sanctions, and today many businesses are ready for such a step. Thus, currencies other than the US dollar and the euro account for 36% of Belarus exports, and 50% of Belarus imports.
There is also a trend towards an increase in the volume of settlements in Chinese yuan, but their share in the overall structure of settlements is rather low. This means that there is potential for significant growth, including in case of renewal of the swap agreement with the People’s Bank of China.
According to Goreglyad, as of 1 July 2021, Belarusian commercial banks have opened nine correspondent accounts in the Chinese yuan with banks in China, which allows quality and efficiency of payments and transactions in Chinese yuan. In addition, the UnionPay system is represented in Belarus fairly widely. Its cards are accepted by almost 1.5 thousand ATMs and more than 75 thousand payment terminals.
The main objective of the development of bilateral cooperation between Belarus and China in the banking and financial sector should be to bring it closer to the level of the current political interaction, Goreglyad said. End