MINSK, 10 October (BelTA) - The National Bank has approved the monetary policy guidelines of the Republic of Belarus for 2025. This is stipulated by Resolution No. 325 of the Board of the National Bank of 10 October 2024, BelTA learned from the National Bank of the Republic of Belarus (NBRB).
The document spells out the National Bank's actions to achieve the monetary policy targets approved by Presidential Decree No. 385 of 1 October 2024.
The 2025 monetary policy guidelines contain a broad list of projected monetary indicators. Their quantitative projections are based on the macroeconomic scenario of external and internal conditions which underlies the parameters of social and economic development for 2025 approved by Decree No.384 of the President of the Republic of Belarus dated 1 October 2024 and the draft national budget of the Republic of Belarus for 2025.
It is estimated that in 2025 the broad money supply will expand by 11-15%, the ruble money supply - 15-21%, and the ruble monetary base - 10-13%.
According to the forecast, fixed-term term and conditional bank deposits of individuals in the national currency for the period of one year and more will increase by 17-22% in 2025, with their share amounting to at least 84% of the total volume at the end of the year.
The banking sector will continue to facilitate business activity by meeting solvent demand for loans. In 2025, banks' domestic lending will grow by at least 11%. Business loans will mainly be provided in the national currency. According to estimates, banks' loans in the national currency will account for at least 74% of the banks’ total lending to economy by the end of the year, the National Bank said.
In 2025 the total volume of banks’ loans to legal entities and individuals in national and foreign currencies will amount to Br195-200 billion, including Br14-15 billion for consumer purposes.
In 2025, interest rates are projected to decrease progressively given there are no risks to macroeconomic stability. The refinancing rate of the National Bank is forecast at the level of 9-9.3% per annum on average per year, the interest rate on new loans to legal entities and individuals in national currency, granted on market terms - 9-10.25% per annum, on all new loans to legal entities in national currency - 8.5-9.8% per annum.
In general, the formation of appropriate conditions in the monetary sector will contribute to sustainable and balanced development of the economy of the Republic of Belarus in 2025, the National Bank said.
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