The situation in the financial market and increasing the responsibility of the National Bank for its stability became the key today at a meeting of the Head of State with the Chairman of the Board of the country's main financial regulator, Pavel Kallaur.
Over the past year they managed to achieve stability. The current monetary policy is consistent with the inflation goal and is expected to be within 5 percent by the end of the year. Creating a favorable environment for the sustainable development of the economy is the key task of the National Bank. Yet, the traditional monetary policy instruments and banking supervision may not be enough. It is proposed to strengthen the powers of the National Bank and secure its responsibility in this area. The Head of State supported the initiative.
The day before, the National Bank presented to the public the information about the situation in the financial market. It has been decided to keep the refinancing rate in the country at the level of the historical minimum, at 10 percent. The management of the regulator has a clear strategy to level external risks and support low inflation.
The National Bank jointly with the Council of Ministers intends to develop a strategy to increase confidence in the national currency. In the first half of this year, a new mechanism for dealing with distressed assets may appear in Belarus. The corresponding draft decree is under discussion in the government. The updated currency regulation system provides for a ban on the use of foreign currency for settlements within the country. The corresponding bill was prepared and sent to the gove
