BELARUS NEWS AND ANALYSIS

DATE:

10/01/2008

Chinese bank might open subsidiary in Belarus

Minsk. January 10. INTERFAX - CEO of the National Bank of Belarus (NBB) Pyotr Prokopovich and CEO of the People's Bank of China Zhou Xiaochuan discussed in Minsk on Wednesday possibilities of attracting Chinese investment to the Belarusian banking sector and a Chinese bank opening a branch in Belarus, the NBB spokesperson told Interfax.

At their meeting, the heads of the two countries' central banks also signed a document allowing the use of their national currencies, the Chinese yuan and the Belarusian ruble, in inter-bank payments for bilateral commercial transactions.

Once the two countries' governments give their consent, Belarus and China will decide which of their banks will effect payments in national currencies as part of an experiment at the initial stage, the statement said.

At the meeting, the parties also agreed to jointly release commemoration and jubilee coins and to further continue cooperation in training their specialists, the NBB also said.

Zhou Xiaochuan was in Minsk on Jan. 8 and Jan. 9 to meet with Belarusian President Alexander Lukashenko and NBB head Prokopovich. The goal of the visit was to enhance trade and economic, inter-bank and investment cooperation between Belarus and China.

Source:

http://www.interfax.com/4/352913/news.aspx