Lukashenko advises National Bank of Belarus to seek alternative to Visa, MasterCard

Belarusian President Alexander Lukashenko said the National Bank of Belarus (NBB) ought to look for alternatives to Visa and MasterCard.

Belarusian President Alexander Lukashenko said the National Bank of Belarus (NBB) ought to look for alternatives to Visa and MasterCard.

"The National Bank shouldn't be limited to tradition al payment systems. You know who controls them. We should be using the most advantageous and safest payment options for our country. So look for them, try various systems out," Lukashenko said, presenting Pavel Kallaur, the bank's new chairman, to the National Assembly.

But he said there is a lot of fraud in this sphere and that tight control was needed.

He said Kallaur's priority as NBB head was to bring inflation down and keep gold and foreign currency reserves at a safe level.

"The first and most important aspect of the National Bank's work is to lower inflation. Here we need measures to boost the confidence of the public and companies in the national currency," Lukashenko said.

Another key task is to keep the banking sector steady, which requires "fair competition," he said.

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