Belarusian VTB Bank issued the first business loan in yuan

VTB Bank became the first among commercial banks in Belarus to issue a loan to a company in Chinese currency. The transaction amounted to 22 million yuan, BelTA reported. The minimum wage will increase in Belarus from January 1.

The company that received the loan will spend it on infrastructure projects in the field of road construction using imported raw materials from China.

The bank said that the interest of Belarusian business in loans in the Chinese yuan is growing. By the end of the year, the bank may allocate about 100 million yuan to finance such trade transactions. This will allow businesses to hedge currency risks by making settlements with counterparties from China.

Let us remind you that private Belarusian banks have tightened the conditions for SWIFT transfers.

Follow us on Facebook, LinkedIn!

Photo: standartb.ru