On decisions in the sphere of monetary policy
With a view to curbing inflation, the Board of the National Bank of the Republic of Belarus took a number of decisions aimed at strengthening control over the growth of the ruble monetary base and broad money supply, which are in 2021 operational and intermediate objectives of monetary policy.
The term of suspending operations designed to support and withdraw liquidity is extended until the Board of the National Bank makes a decision on their resumption.
Banks’ liquidity will be supported by dint of carrying out credit auctions with a maturity of up to 7 days in the form of interest rates tender or at the declared interest rate, as well as monthly auctions for the provision of loans for a period of 6 months at the declared interest rate. The volume of liquidity provision to banks will be determined based on the need to achieve operational and intermediate objectives.
At that, the refinancing rate and interest rates on operations designed to regulate liquidity of the National Bank of the Republic of Belarus remain at the current level.
The schedule of meetings of the Board of the National Bank on monetary policy issues established for 2021 is canceled. The issues of changing the refinancing rate and rates on instruments to regulate banks’ liquidity will be considered as required.