The country’s major financial establishment believes that Belarus’ monetary-credit market is satisfactory, stating: ‘In 2014, the macro-economic situation was complicated and fluctuating, influencing monetary-credit policy. Falling oil prices, currency devaluation in our major trading partner-states, geopolitical tension and timeserving market changes impacted negatively on our economic development’.
With this in mind, tough measures were introduced, which were lifted in early 2015. This year, the National Bank will primarily focus on keeping inflation at no more than 18 percent, preserving an anti-inflation interest policy, by keeping rates positive in real terms and guaranteeing greater profitability for Belarusian Rouble savings (compared to money held in foreign currency).
In 2015, rate policy will aim to contribute to reducing sharp fluctuations in the Belarusian Rouble exchange rate, while preserving a tough approach to using gold-and-currency reserves in currency intervention operations. The off-exchange currency market is to be opened, while exchange trading will become a continuous double auction.
From February, the National Bank has promised to lift all direct restrictions on public loans and promises to fulfil the President’s orders to optimise spending and cut expenses at banks — including bankers’ salaries
By Vyacheslav Ivanov
