Banks Can Not Cope with Economic Growth, Snopkov

27.07.2010 16:27
Архив Редакция

Growth of economy crediting in Belarus is not fast enough, and this growth is prevented by current situation in the country's banking system. It was stated by Economy Minister of Belarus, Nikolai Snopkov. "According to the Ministry of Economy, current situation in the banking sector requires taking action to increase the crediting of real sector, firstly, for the implementation of investment projects", the minister said.

«After all, due to the growth of foreign accounts receivable,  Belarusian enterprises are forced to take bank loans to support floating assets at the expense of investment projects implementation», Nikolai Snopkov stressed.

However, the head of the Ministry of Economy underlined that because of the same reason, there increases the crediting volume, Finmarket informs. Nikolai Snopkov reported that in the first half of 2010, the growth of bank demands to the economy amounted to 12.6%, while the planned growth is 36-40% for the year.

The head of Economy Ministry considers the lack of long-term lending as one of the reasons for the shortfall of planned growth rates of investment to fixed capital. «It was planned that in the first half of the year, investment growth to reach 15%, but in reality it was only 4%», Nikolai Snopkov said.

According to the Ministry of Economy, the overdue external accounts receivable of Belarus since the beginning of the year grew in 1.3 times and amounted to 1.55 trillion rubles (518 million dollars). «This amount is comparable to the outstanding debt on credits and loans, which growth in the first half of the year amounted to 17.5%», the Minister of Economy noted.