The National Bank of Belarus (NBB) projects its base refinance rate to be within nine and 12 percent next year, Mikalay Luzhin, deputy chair of the NBB board, said at a parliamentary hearing on housing loans held in Minsk on November 25.
The projection is provided for in the NBB’s draft monetary policy guidelines for the next year, Mr. Luzhin said.
The Bank’s interest policy will be aimed at securing the economic stability and stepping up domestic banks’ potential by efforts to increase rubel deposits placed by individuals, he said.
Mr. Luzhin said that the refinance rate would be altered depending on the country’s macroeconomic performance and inflation rate. Among the major macroeconomic performance indicators, Mr. Luzhin mentioned a growth of 11 to 13 percent in GDP, the growth of consumer prices by no more than eight to 10 percent and an increase of 23 to 25 percent in fixed capital expenditures.
"The next year’s monetary policy will help ensure the financial stability, reduce the exposure to external imbalances and make the economy less vulnerable to external shocks," Mr. Luzhin said. "This will contribute to the economic growth and employment rate."
