Tasks facing Belarusian banking system identified

MINSK, 19 April (BelTA) – The national banking system is expected to accomplish a number of tasks in the next few years. Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur made the relevant statement during a joint session of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 19 April, BelTA has learned.

Pavel Kallaur said: “The monetary management policy will keep its continuity for the next few years. Achieving inflation targets specified by the five-year program and making sure they last in the long term are seen as a key task. Let me remind you that keeping the increase in consumer prices at about 5% has been determined as a medium-term low-inflation reference point.”

Making sure prices stay stable over a long period of time is a vital condition of the country's sustainable development, the official noted. “It will allow securing the stability of the purchasing power of earnings and savings of citizens, stability of the exchange rate of the Belarusian ruble, low interest rates in the economy, trust in the national currency, and stronger willingness to keep savings in Belarusian rubles, an increase in long-term resources in the economy and their growing role in investment processes,” he added.

According to Pavel Kallaur, the refinancing rate will get close to 10% over one year. “On the whole, the interest rate policy of the National Bank will remain geared towards maintaining interest rates in the economy at a positive level in real terms,” he said.

Efforts to encourage commercial banks to expand support for investment activities in Belarus will continue. Effective projects will be prioritized as well as the stimulation of export and import substitution.

Apart from that, work will continue in 2023 to improve the system of protection of rights of consumers of financial services, including its legal regulation. Close attention will be paid to encouraging fair practices for providing financial services as well as to the procedure for dealing with complaints and resolving problems of consumers.