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National Bank of Belarus Governor Raman Halouchanka said disinflationary trends continue in the country. Inflation remains below the target level of 7% set for this year.
“Inflation is currently following a trajectory that is even below our target. We see many disinflationary factors at work. Of course, an element of uncertainty always complicates forecasts to some extent. But for now, as I have already said, we feel quite confident. Core inflation, overall inflation and, most importantly, the population’s inflation expectations — a key indicator of the sustainability of disinflationary processes — continue to give us reason for optimism. Seeing this, we are also moving downward in terms of our rates. I am referring not to the National Bank’s refinancing rate, but to banks in general. Seeing market conditions, they are reducing the cost of lending, and this also aligns with our objectives,” he said.
Annual inflation slowed to 4.3% in June. Core inflation, which excludes seasonal and regulated goods and services, stood at 0.4% in June, down 0.1 percentage points from May. Since the beginning of the year, core inflation has reached 2.3%.
Halouchanka also said the country has sufficient financial resources to implement investment projects.
“Of course, it does. The sources are diverse: the banking system has a substantial liquidity surplus, including for investment purposes, despite the fact that investment lending has already doubled compared with our own plan in the first half of the year. There are reserves in the National Bank, in the banking system and in the budget. The only question is directing them toward the right purposes,” he told Belarusian television.