Изображение: Нацбанк
The National Bank does not plan significant changes to its interest rate policy but allows for a possible reduction in the refinancing rate. This was stated by the Chairman of the Board of the National Bank, Raman Halouchanka, after a meeting at which the main guidelines of monetary policy for 2026 were approved.
“To maintain price stability, we will of course control the growth of the money supply. The head of state also drew attention to this. Therefore, the National Bank will use all the instruments at its disposal for this purpose. It is important to note that the money supply must be formed at a level that ensures both sustainably low inflation and the satisfaction of solvent, I emphasize, demand of the economy for money. According to our estimates, the money supply will increase next year by about 10–12%.
No significant changes in interest rate policy are planned either. We expect interest rates to remain close to current levels. At the same time, if in practice inflation slows faster than in our forecast, we do not rule out actions to reduce the refinancing rate and, accordingly, interest rates on loans and deposits. But once again I emphasize that everything will depend on the actual situation as it develops,” he said.
He also recalled the main monetary policy parameters for next year: inflation not exceeding 7 percent, international reserves of no less than 9.2 billion US dollars, the share of non-performing assets not exceeding 10 percent of all assets exposed to credit risk, and payment system availability of at least 99.8 percent. Investment financing growth is expected to be no less than 13 percent.
Halouchanka added that maintaining international reserves will be the result of joint work by the National Bank and the Ministry of Finance.
“It is envisaged that the Ministry of Finance will be able to refinance part of the foreign currency debt. At the same time, the National Bank will purchase foreign currency on the domestic market, provided that the economy can generate a sufficient level of net inflow of currency into the country. The Belarusian ruble exchange rate will remain floating, meaning it will continue to depend exclusively on supply and demand for foreign currency in the domestic market,” he said.
The National Bank will continue to regulate the activities of banks and financial institutions and ensure the uninterrupted operation of payment systems. The focus will remain on maintaining the quality of banks’ and non-bank organizations’ loan portfolios and their work to reduce problem debt.
Other areas of the National Bank’s activity will include measures on information security, prevention of fraud, protection of consumers’ rights in financial services, and increasing financial literacy.