The CIS Finance and banking Forum (Minsk Business Meetings) opened in Minsk on November 5. Belarusbank was one of the organizers of the forum.
Speaking during the plenary session, Belarusbank Chairman of the Board Siarhei Pisaryk characterized that the integration of finance systems within the CIS as relatively slow. “The aggregate potential of the CIS finance systems has perfect growth prospects, which could mean new opportunities of economic dialogue within the CIS. Unfortunately, many mutually beneficial decisions do not go beyond declarations. We can come up with a number of proposals both on the macro-level and on the level of the certain banking business spheres. Today it is vital to transform negotiations into real actions. One of such actions could be the transition to settlements in the national currencies of the CIS member states. That topic has seen particularly much negotiation and little action”, Siarhei Pisaryk noted. In his words, the situation of regional tensions and the global crisis accompanies by political end economic confrontation requires a deeper focus on practical actions and solutions.
Another issue which requires a quicker solution is the establishment of a united payment system within the CIS. Siarhei Pisaryk reminded that Belarus had created its own payment system for the purpose of financial security and economic benefits.
The head of Belarusbank also thinks it necessary to set up a coordinated monitoring system of the CIS finance markets. “It is important to have not a single system, but a coordinated monitoring system which would supervise finance markets. The European Union reached that solution long ago, while we are just approaching it”, he said. He explained that monitoring should not be treated as supervision of the banks. Rather, it should take the form of dialogue between regulators and the banking system aimed to build greater stress resistance and resistance to new, yet undefined challenges.
“I’m sure that this forum will serve as a venue for demonstration of investment projects and programs of Belarus and the CIS Finance and Banking Council, as well as a platform for fruitful discussion of new forms of investment cooperation”, Siarhei Pisaryk added.
In his words, Minsk Business Meetings will not only outline the further moves of the CIS Finance and Banking Council aimed at the integration of financial systems within the CIS. They will help form a road map to move forward, and the forum itself will become regular for the benefit of the entire CIS.
The forum has gathered 270 representatives of the finance sector and business circles. On November 6 the forum will continue working.
Belarusbank press service