Posted: 29.11.2022 13:21:00

Lukashenko approved main monetary policy guidelines for 2023

On November 28th, Head of State Aleksandr Lukashenko signed Decree No. 412 On Approving Main Monetary Policy Guidelines of Belarus for 2023, the Belarusian leader’s press service informs

In line with the document, the 2023 monetary policy will be aimed at slowing inflation to 7-8 percent and maintaining financial stability.

Control over the growth of the money supply will remain. The average broad money supply will increase by 12-16 percent year on year, and the Rouble money base is to rise by 10-12 percent.

Formation of appropriate resource channels is envisaged to meet the solvent demand for loans to finance investment projects. It is assumed that banks' requirements to the economy will grow by 17-21 percent.

It is planned to keep interest rates in the economy at a positive level in real terms (as a condition for attractiveness of the deposit market and a source of lending to the economy). The refinancing rate is to stand at 10-11 percent per annum.

The exchange rate policy will rely on a floating exchange rate mode which is formed under the influence of supply and demand in the foreign exchange market. Currency interventions are allowed to prevent sharp fluctuations of the exchange rate of the Belarusian Rouble.