The National Bank spoke on the impact of sanctions on the banking sector

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The sanctions imposed on Belarus have affected the ability of banks to refinance liabilities. This is stated in the report “Ensuring financial stability in 2021 and tasks for 2022” by Dmitry Kalechits, the Deputy Chairman of the Board of the National Bank, which was published today on the regulator’s website.

The document notes that in 2021, banks among the main sources of risk called the change in business activity in the economy, the deterioration of the financial situation of debtors and foreign economic factors.

“According to risk managers of banks, the market has become noticeably more difficult to attract long-term resources relative to the years preceding the current epidemiological situation. Sanctions pressure grew, which led to narrowing of the possibilities of refinancing current and future liabilities to non-resident banks,” the report says.

Another consequence of the sanctions was that transfers from Belarus began to be sent to long-term compliance control, and some non-resident banks completely refused to participate in payment transfer chains.

Source: Reform.by

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