Belarusian National Bank Approves Main Monetary Policy Guidelines for 2027
Reform.news Editorial Team · 19 October 2026, 12:38
https://reform.news/en/belarusian-national-bank-approves-main-monetary-policy-guidelines-for-2027/The Board of the National Bank of Belarus approved the Main Monetary Policy Guidelines for 2027 by Resolution No. 213 dated October 16. The document outlines the regulator’s actions to achieve the monetary policy targets approved by Decree No. 343. The decree stipulates that inflation next year must not exceed 6%, while foreign exchange and gold reserves must total at least $12.8 billion.
“The National Bank will continue to regulate the money supply. Its volume will correspond to the real needs of the economy without causing an excessive rise in prices,” the National Bank’s press service said.
The National Bank will continue implementing measures to develop the banking and non-bank sectors of the financial market. Infrastructure and regulatory changes introduced in 2026 will help new institutions enter the market.
The National Bank will continue to ensure the reliable and secure operation of the payments market.
Efforts to build a sustainable funding base for banks will continue.
“Attracting funds with longer holding periods will remain a priority, with banks offering individuals attractive deposit terms. New long-term savings instruments for citizens are also planned,” the National Bank said.
The regulator will encourage banks to strengthen their engagement with businesses and the public to meet their demand for credit.
“Support for businesses, particularly investment activity, will remain among the priorities. In consumer lending, the key focus will continue to be increasing the volume of loans issued by banks to purchase Belarusian-made goods,” the statement said.
The National Bank has also set the main monetary policy indicators for next year, taking into account the objectives outlined and the draft national budget:
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- Growth in the average broad money supply: 14–16%;
- Growth in banks’ claims on the economy: 11–13%, including 12–14% for legal entities and 10–12% for individuals;
- Interest rate on new bank investment loans, excluding loans issued on preferential terms: 9.3–9.8% per year;
- Share of consumer loans for purchasing goods made by Belarusian manufacturers in total consumer lending: at least 14%;
- Share of fixed-term irrevocable bank deposits with a maturity of more than three years in the outstanding balance of fixed-term irrevocable deposits held by individuals in Belarusian rubles with a maturity of more than one year: at least 10%.