Lukashenko: the ruble is the strength of the

Lukashenko: “Belarusians believe in the ruble, the economy has not failed”

Minsk, September 9, 2025 – During a meeting with the National Bank of Belarus Council and senior executives of major banks, President Aleksandr Lukashenko outlined the priorities of the national financial system, reaffirming the resilience of the Belarusian economy despite challenges over the past five years.

National ruble on the rise

According to the data presented, public confidence in the national currency has significantly increased: the share of the ruble in total money supply rose from 41% in December 2020 to 63% in July 2025.

Economic sovereignty at a high cost

Lukashenko emphasized that the country has overcome “unprecedented challenges,” rejecting any notion of bankruptcy:

“We have not failed, we made it through. It was difficult, it is still difficult and will likely be harder in the future. But this is what states pay for conducting an independent policy”.

Guidelines for the financial sector

The president set clear goals for banks and credit institutions:

• Legality and transparency: operate solely in the interest of citizens and the state.

• Inflation under control: reverse the trend of rising prices.

• Productive capital: every ruble must generate maximum return, supporting profitable investments and long-term export contracts.

• Resource protection: ensure complete foreign currency revenues and avoid financial losses for the country.

Innovation and digitalization

A central focus was placed on new technologies:

• Tokens and smart contracts: tools useful for reducing intermediation costs and increasing user control over their assets.

• Digitalization serving the economy: “not for fashion, but for real impact,” Lukashenko clarified.

• Cybersecurity: banks will need to strengthen information campaigns to prevent digital fraud and cybercrime.

Growth as the sole indicator

Finally, Lukashenko summarized the main criterion for assessing the effectiveness of the banking sector:

“If there is economic growth, it means you are doing well. If not, no discussion about foreign reserves or currency volatility will matter. The economy remains the primary indicator.”