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Belarus' central bank expects inflation to stabilize around 5% by year end

Economy 17.10.2019 | 17:55
The National Bank of the Republic of Belarus. An archive photo
The National Bank of the Republic of Belarus. An archive photo

MINSK, 17 October (BelTA) – An expanded-participation session of the Board of the National Bank of the Republic of Belarus (NBRB) took place on 17 October to discuss efforts to ensure price stability and financial stability in January-September 2019 and the use of trade financing tools for export development, BelTA has learned.

The growth of consumer prices slowed down in Q3 2019 as projected. It amounted to 5.3% in September while it was 5.7% in June 2019. The central bank expects inflation to stabilize around 5% by the end of the year.

It was noted that the monetary management policy of the National Bank of the Republic of Belarus remains neutral.

Belarus' financial sector remains steady with regard to main risks. Measures are being taken to reduce the use of foreign currencies. Work continues to bolster the level of the gold and foreign exchange reserves and improve their structure, to ensure the safe and effective operation of banks and other financial organizations as well as the payment system.

The use of trade financing tools to enhance Belarus' export potential was another matter discussed during the session. At present Belarusian banks offer versatile trade financing tools: documentary letters of credit, bank guarantees, bank payment obligations, documentary collection, and factoring. These tools represent more than a way to get financial resources. They minimize foreign trade risks and make sure business partners observe terms of the deal.

It was noted that the National Bank of the Republic of Belarus is working to improve legislation in order to encourage broader use of trade financing tools. It was stressed that commercial banks should also step up efforts to raise the awareness of commercial entities about the potential of these tools for the sake of increasing export.

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