Timid reform of the state-supported export financing
Belarus has reformed export financing for the first time in several years. So far, state-supported export financing was largely monopolised at the Belarusian Development Bank. In the area of medium- and long-term export financing, there has been no possibility for commercial banks to offer export credits with state-supported interest rates since 2016. The recent legal amendment, which took place in February 2021, moderately expands the possibilities of commercial banks in the areas of export production financing, export factoring and small export credits. The Development Bank can also access new business areas, such as export production financing and export factoring. Overall, however, the reform falls well short of expectations.