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19 April 2023, 12:20

Inflation in Belarus slows in March

MINSK, 19 April (BelTA) – The annual inflation in Belarus eased in March, Chairman of the Board of the National Bank Pavel Kallaur said as he spoke at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 19 April, BelTA has learned.

Measures were taken in the country to maintain the macroeconomic balance. "The main goal of the monetary policy in 2022 was to slow the inflation down to 6%. However, the increase in consumer prices was 12.8% last year against 10% in 2021. The high rate of the annual inflation was largely formed in March 2022 as a result of the geopolitical events. Excluding this surge, the average monthly inflation rate was 0.6% last year against 0.8% a year prior. In March 2023, the increase in consumer prices in annual terms decreased to 6%," Pavel Kallaur said.

In order to curb the inflationary processes, the National Bank continued to control the money supply. The average broad money supply in 2022 increased by 8.6%, which was in line with the forecast parameters (7-13%). In March 2023, its annual growth remained at about the same level – 8%.

"At the same time, there was a change in the structure of the broad money supply towards its de-currencization. In December 2022, the share of the ruble component reached 51.7%, its highest level in the last decade. In March 2023, it was also 51.7%," Pavel Kallaur reported.

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