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30 July 2021, 19:10

Belarus' central bank expects inflation to reach 9% in late 2021

MINSK, 30 July (BelTA) – The National Bank of the Republic of Belarus expects inflation to reach 9% at the end of the year. The figure is mentioned by a report delivered by Dmitry Murin, member of the Board, Head of the Central Office for Monetary Policy and Economic Analysis of the National Bank of the Republic of Belarus (NBRB), BelTA has learned.

According to Dmitry Murin, in the current conditions the annual inflation after Q3 2021 will be close to the level registered in June 2021 (9.9%). The dynamics is largely explained by inflation acceleration. The intensity of inflation processes will slow down later on. The increase in consumer prices will be close to 9% at the end of 2021. By the end of 2021 inflation will be close to 6% year-on-year. This is why the government and the central bank should continue working together to further slow down inflation and keep it close to 5%.

In his words, the current approaches to implementing the monetary policy will stay the same in the near future. The central bank's tools will be aimed at slowing down inflation processes and ensuring macroeconomic balance. Apart from that, actions of the National Bank will be focused on restoring the resource potential of the banking sector by enabling conditions conducive to growing trust in the national currency and a higher saving activity of commercial entities. Conditions to help restore economic growth will be formed like that. The combination of these approaches will allow restraining the intensity of inflation processes and ensuring the balanced development of the Belarusian economy.

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