The main goal of the monetary policy of the Republic of Belarus is to promote the development of all sectors of the economy, to ensure the internal and external stability of the national currency.
The programme for the socio-economic development of the Republic of Belarus for 2001-2005 provides for enhancing the role of the banking sector as an effective mechanism for accumulating free cash and investing in the real sector of the economy. It is planned to strengthen the financial stability of the banking system, expand the resource base of banks and improve its quality, bring the principles and practices of banking supervision closer to international standards. To support priority industries and industries, the state should use economic methods, including budget funds to reduce interest rates, tax incentives, budget loans and guarantees. It is planned to ensure the development of the financial and credit system. countries by attracting domestic and foreign investments, more full use of the opportunities of free economic zones.
Particular attention is paid to the creation of conditions for guaranteeing deposits of the population in banks. It should be ensured through an appropriate legislative and regulatory framework, increasing the role of centralized banks in this and creating deposit guarantee funds. It is planned to complete the compensation of impairment of deposits and bonds of the targeted interest-free loan of 1990 for the purchase of durable goods (securities) in the near future.
The money supply in the national currency should be formed in volumes sufficient to provide the economy with settlement and payment means and adequate to the growth rates of real GDP and prices planned for the years. The most important instruments of monetary policy (required reserves, open market operations, bank refinancing, deposit operations, interest rate policy) will be formed at levels and in proportions that ensure the maintenance of the target parameters of inflation and the dollar exchange rate. Tightening monetary policy will be the main factor in ensuring a consistent decline in inflation.
The exchange rate policy of the Belarusian ruble should be focused on reducing inflation, replenishing the country’s official foreign exchange reserves. When forming the exchange rate of the Belarusian ruble, the terms of foreign trade will be taken into account, and above all, fluctuations in world prices for goods, changes in the cross rates of the currencies of the countries that are its main economic partners.
The basis of the interest rate policy will be measures to ensure that interest rates consistently achieve a positive level in real terms and the excess of the real yield of assets denominated in national currency over their yield in foreign currency.