26 December, Minsk /BelTA/. The refinancing rate in Belarus will remain at its current level until the end of the year. This was announced by the Chairperson of the Board of the National Bank of Belarus, Nadezhda Ermakova, during a direct telephone line and an online conference on the BelTA website.
The refinancing rate in Belarus was last lowered in September of the current year. Currently, it stands at 30% per annum, whereas the National Bank had previously forecast 25-26% for the end of the year. "Indeed, its value is higher than planned for the end of the year, but there are objective economic reasons for this. When deciding on changes to the refinancing rate, the National Bank considers a whole range of external and internal macroeconomic conditions, in addition to actual inflation," explained the head of the National Bank.
The inflation rate this year generally corresponds to the values set out in the forecast for socio-economic development for 2012. However, both in the economy and among the population, sufficiently high inflationary and devaluation expectations persist. The need to achieve their sustained reduction, ensure a positive real interest rate in the economy, and create conditions for further inflation reduction in the medium term does not allow for the easing of monetary policy and a reduction in the refinancing rate at the present time, noted Nadezhda Ermakova.
"As for the forecast for the refinancing rate for 2013 (13-15% by the end of the year. - BelTA's note), it is achievable, provided that inflationary processes continue to slow down, and also taking into account the stable situation in the foreign exchange market, the external sector, and the overall macroeconomic situation in the republic," emphasized the head of the National Bank of Belarus. "All monetary policy instruments available to the National Bank will be directed towards achieving this goal in 2013."
In 2013, a further decrease in inflation is expected, down to 12% year-on-year. "The monetary policy of the National Bank and the economic policy of the government will be aimed at achieving this goal," stressed Nadezhda Ermakova.
The National Bank's interest rate policy in 2013 will be aimed at maintaining a positive real interest rate in the economy. At the same time, liquidity will be provided to banks only on market terms and for short periods, and lending for state programs in 2013 is envisaged to be financed from non-emission sources.
"It is important that banks, while providing credit support to the economy, proceed from their available resources and do not disrupt the balance of their active and passive operations. It has been repeatedly noted that the National Bank's approaches to refinancing will not change, and resources will be provided to banks only at a market interest rate and for short periods. Therefore, banks should realistically assess their resource capabilities, and when issuing loans in foreign currency, they should assess possible currency risks," emphasized Nadezhda Ermakova.-0-
BELTA