MINSK, 27 February (BelTA) – Chairman of the Board of the National Bank of Belarus Roman Golovchenko outlined tasks for the next five years in a conversation with journalists following a joint meeting of the chambers of the National Assembly of Belarus, BelTA has learned.
A medium-term program for the National Bank’s activities until 2030 has been developed and approved. The set tasks are linked to the country’s social and economic development program for the five-year period and the objectives formulated by the president for the banking system. “We have identified five priorities for ourselves. First, conducting monetary policy that promotes price stability and economic development. Second, ensuring financial stability. Third, developing the financial market and those segments regulated by the National Bank. Fourth, technological independence in the financial environment. Fifth, information and technical security to reduce vulnerabilities in the financial system. All these priorities have been translated into concrete, measurable goals and that we must achieve both by 2030 and on an annual basis,” Roman Golovchenko said.
The chairman of the Board of the National Bank also elaborated on the set tasks. “For example, we must achieve a certain share of non-cash payments. By 2030, at least 75% of both deposits and loans should be in the national currency. Deposits with maturities over three years must account for no less than 10% of total deposits placed for longer than one year. These are the quantitative goals. There are also specific measures to be implemented, such as introducing a biometric identification system. At least 1.5 million transactions should be conducted using the online identification system. There is also a highly complex project to introduce the digital Belarusian ruble. We will sum up the results of achieving these tasks every year,” he noted.
In accordance with Presidential Decree No. 386, consumer price growth for the current year is set at no more than 7%. “At the same time, the head of state set the task of reducing core inflation to 5% by the end of this year. The National Bank will take measures to fulfill this task,” the chairman of the National Bank Board emphasized. “We are prepared to take decisive action should any deviations from the forecast trajectory occur. Therefore, control over the money supply will continue. Under the projected macroeconomic conditions, it is estimated that in 2026 the average broad money supply will increase by 10-12%.”
Interest rate policy will remain focused on ensuring the attractiveness of long-term savings in the national currency, which form the banks’ resource base for financing the economy. If there are no risks to price and financial stability, the National Bank does not rule out a gradual reduction of interest rates in the economy, primarily for investment financing.
Special emphasis is placed on introducing modern digital technologies in the financial sector. Key areas include launching the operation of crypto banks, improving remote biometric identification, and creating conditions for integrating artificial intelligence systems into the activities of the National Bank and banking institutions.
Among the most important tasks is ensuring information and cybersecurity through the introduction of relevant standards and the transition of banks to operating in domestic software environments.
Additionally, the National Bank will focus on the effective management and use of gold and foreign exchange assets, ensuring the sustainable and secure functioning of financial and payment market participants and their development, protecting consumer rights, and improving financial literacy.
A medium-term program for the National Bank’s activities until 2030 has been developed and approved. The set tasks are linked to the country’s social and economic development program for the five-year period and the objectives formulated by the president for the banking system. “We have identified five priorities for ourselves. First, conducting monetary policy that promotes price stability and economic development. Second, ensuring financial stability. Third, developing the financial market and those segments regulated by the National Bank. Fourth, technological independence in the financial environment. Fifth, information and technical security to reduce vulnerabilities in the financial system. All these priorities have been translated into concrete, measurable goals and that we must achieve both by 2030 and on an annual basis,” Roman Golovchenko said.
Speaking at the joint meeting of the National Assembly chambers, Roman Golovchenko also named some key tasks. In the coming years, one of the main goals will be reaching the inflation parameters stipulated in the current five-year social and economic development program (no more than 5%).
In accordance with Presidential Decree No. 386, consumer price growth for the current year is set at no more than 7%. “At the same time, the head of state set the task of reducing core inflation to 5% by the end of this year. The National Bank will take measures to fulfill this task,” the chairman of the National Bank Board emphasized. “We are prepared to take decisive action should any deviations from the forecast trajectory occur. Therefore, control over the money supply will continue. Under the projected macroeconomic conditions, it is estimated that in 2026 the average broad money supply will increase by 10-12%.”
Interest rate policy will remain focused on ensuring the attractiveness of long-term savings in the national currency, which form the banks’ resource base for financing the economy. If there are no risks to price and financial stability, the National Bank does not rule out a gradual reduction of interest rates in the economy, primarily for investment financing.
Also a priority is comprehensive support for the foreign economic activities of domestic enterprises. The main directions include facilitating sustainable cross-border payments and promoting exports, as well as expanding the geography of interaction with central banks and financial market regulators of other states.
Special emphasis is placed on introducing modern digital technologies in the financial sector. Key areas include launching the operation of crypto banks, improving remote biometric identification, and creating conditions for integrating artificial intelligence systems into the activities of the National Bank and banking institutions.
Among the most important tasks is ensuring information and cybersecurity through the introduction of relevant standards and the transition of banks to operating in domestic software environments.
Photos by Vitaly Pivovarchik/BelTA
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