11 May, Minsk /BELTA correspondent/. President of Belarus Alexander Lukashenko has instructed the National Bank, jointly with the Government, to take active measures to reduce the inflation rate. The Head of State set this task on 11 May, while receiving a report from the Chairperson of the Board of the National Bank, Nadezhda Ermakova, BELTA was informed by the press service of the Belarusian leader. "I am generally aware of everything you tell me about the ruble exchange rate, deposits, and the economy's performance. The situation is developing well. I believe it is time for the National Bank, and primarily the Government, to focus on inflation issues. It is time to reassure people," the President said. As the Head of State noted, there are currently no grounds for inflation growth, and foreign trade has a positive balance. "We are, in principle, resolving pressing issues that we could not resolve for years, even decades. The situation has now stabilised. I reiterate: the population's income will grow. This is unequivocal. We need to consider what to do about inflation and how to combat it," Alexander Lukashenko instructed, adding that inflation in Belarus is under control and has been influenced, in part, by the artificial alignment of prices for consumer goods with those in neighbouring countries. Nadezhda Ermakova reported to the President on the situation in the foreign exchange market, the formation of gold and foreign exchange reserves, and the lending to the economy. "Measures taken by the National Bank in the areas of monetary and interest rate policy, and the exchange rate, have contributed to curbing inflation," she noted. The President also tasked the banking system with paying additional attention to lending to effective investment projects and housing construction for citizens in need. Furthermore, instructions were given on maintaining and increasing gold and foreign exchange reserves. Currently, they amount to $8 billion. According to Nadezhda Ermakova, both economic entities and the public are actively selling foreign currency, and the Belarusian ruble exchange rate has stabilised. The National Bank intends to continue pursuing a tight monetary policy and taking measures to reduce inflation. The day before, a decision was made to lower the refinancing rate to 34% per annum from 16 May. "We have all the conditions for this today. Inflation allows for it, and the refinancing rate will remain at a positive level relative to it, according to the standards and the form of calculation recommended by the IMF," said Nadezhda Ermakova.--0--

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