SGX Singapore Exchange : Actual issues of monetary policy were considered at the enlarged meeting of the Board of the National Bank

Ensuring financial and price stability, developing the financial market in 2019 and tasks for 2020 were reviewed at the enlarged meeting of the Board of the National Bank of the Republic of Belarus, which was held on January 23, 2020.

At the end of 2019, consumer prices rose by 4.7% with a forecast being not more than 5%. This was facilitated by both the measures taken by the National Bank that ensured control over the money supply, and the actions of the Government of the Republic of Belarus in the consumer market, primarily in the field of price regulation.

In 2020, the National Bank and the Government are entrusted with a task to maintain inflation, as in 2019, at around 5%.

The implementation of monetary policy in 2020 will continue to be carried out in the monetary targeting mode. The current approaches to conducting exchange rate and interest rate policies will be preserved as well.

At the course of the meeting, it was noted that the Belarusian financial sector remains stable in relation to the main risks. Measures are being taken to decrease the level of foreign currency predominance in the economy. The work is underway to maintain the level of gold and foreign exchange reserves and improve their structure, ensure secure and efficient functioning of banks and other financial institutions, as well as the payment system.

At present, the dynamics of lending to the economy is largely determined by the effective demand from enterprises of the real sector. In general, a balance between economic activity and the magnitude of systemic risks is maintained. Such approaches to lending to the economy will be implemented in 2020.

The reports of Sergey Kalechits, Deputy Chairman of the Board, "Ensuring Price Stability and Developing Financial Market - Results for 2019 and Tasks for 2020" and Dmitry Kalechits, Deputy Chairman of the Board, "Ensuring Financial Stability in 2019 and Tasks for 2020" will be published on the website of the National Bank on January 24, 2020.