The National Bank of the country outlined the most important priorities in its work in the coming years: to ensure price stability, support investment activity and protect consumers of financial services. Today the head of the bank reported on the results of monetary policy and answered the questions of MPs. It is a new tradition of the country to report to MPs and senators in such a format. And this duty is fixed in the updated Constitution.
Despite the heavy burden of sanctions, the banking system has coped with the pressure, ensured the stable operation of financial institutions, uninterrupted payments and information protection of market participants. And in general, the financial system has maintained stability.
Perhaps, all the efforts of the Government and the National Bank this year are aimed at reducing inflation after the last year's figures, which were not the most pleasing. 7-8% is the benchmark in 2023 for everyone. Today, speaking the language of financiers, the National Bank estimates the current intensity of inflation processes as moderate. This allows the regulator to decrease the refinancing rate.
It was 12% at the beginning of the year and 10.5% today. More than once this year the National Bank has lowered the key rate, based primarily on inflation and macroeconomic indicators as a whole.
The regulator assures that the March price peaks of last year are behind us. The floating exchange rate regime allowed to avoid sharp currency swings. Yes, the national currency rate weakened. But it's not the dollar that won the most against this background.
On the whole, if we take into account the entire basket of currencies, the Belarusian ruble lost only 2% last year. This could not make the average buyer happy. But the price competitiveness of Belarusian made goods abroad increase in direct proportion. The National Bank, in spite of all the sanctions, did not allow the foreign exchange reserves to fall. And this year they have even grown, as well as confidence in the banking system.
Along with the growth of deposits, loans have grown as well. No, we are not talking about the rates (they were on the decline, including for business). The real sector increased the volume of loans for the development of enterprises: the financial conditions allowed to go towards the development of the real sector.












