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NBRB to continue strict monetary management policy in 2012
2012-01-21
The National Bank of the Republic of Belarus will continue its strict monetary management policy in 2012, NBRB First Deputy Chairman of the Board Nikolai Luzgin said at the session of the national club of directors on 20 January. The session was organized by the Professor Kunyavsky Business Association of Entrepreneurs and Employers, BelTA has learned.
Nikolai Luzgin believes it will be possible to reach national export growth goals, provided the NBRB keeps its strict monetary management policy.
In 2012 the ruble money supply is expected to grow by Br4.2-4.7 trillion (21-25%). Nikolai Luzgin reminded that working in agreement with the EurAsEC Anticrisis Fund the NBRB stopped issuing non-standard loans to support the liquidity of commercial banks on 1 June 2011. Now these resources are available on market terms only. The government will provide lending for government programs only via the Finance Ministry.
The refinancing rate of 45% set by the NBRB in December 2011 allowed stabilizing the currency market and the deposit market, said Nikolai Luzgin. At present the refinancing rate has a positive value. The fact opens up possibilities of reducing it step-by-step.
By the end of 2012 the NBRB’s refinancing rate is expected to drop to 20-23%.
Nikolai Luzgin believes it will be possible to reach national export growth goals, provided the NBRB keeps its strict monetary management policy.
In 2012 the ruble money supply is expected to grow by Br4.2-4.7 trillion (21-25%). Nikolai Luzgin reminded that working in agreement with the EurAsEC Anticrisis Fund the NBRB stopped issuing non-standard loans to support the liquidity of commercial banks on 1 June 2011. Now these resources are available on market terms only. The government will provide lending for government programs only via the Finance Ministry.
The refinancing rate of 45% set by the NBRB in December 2011 allowed stabilizing the currency market and the deposit market, said Nikolai Luzgin. At present the refinancing rate has a positive value. The fact opens up possibilities of reducing it step-by-step.
By the end of 2012 the NBRB’s refinancing rate is expected to drop to 20-23%.
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