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27 January 2023, 19:56

Ruble component in Belarus' broad money supply at ten-year high in December 2022

MINSK, 27 January (BelTA) – The share of rubles in the broad money supply reached a ten-year maximum in December 2022. First Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Sergei Kalechits mentioned it as he delivered a report during an expanded-participation session of the central bank's board, BelTA has learned.

According to Sergei Kalechits, the broad money supply grew by 8.6% in 2022, thus staying within the targeted range of 7-13%. The structure of the broad money supply improved. The share of foreign currencies decreased. In December 2022 the ruble share in the average broad money supply reached a ten-year high of 51.7%. The ruble money base grew by 26.1% in 2022.

The official noted that continued control over money supply helps reduce inflation processes.

Effective management of money supply remains a priority of the monetary policy in 2023, too. “In order to maintain business activity in the country while simultaneously reducing pro-inflation risks the expansion of the average broad money supply in 2023 will be kept at 12-16%. The ruble supply will grow by 10-12%,” Sergei Kalechits noted.

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