Program of social and economic development of the Republic of Belarus in 2021-2025. Financial and price stability.

The main tasks of the monetary policy in the next five years are: establishment of conditions for stable economic development, maintenance of price and financial stability and strengthening of confidence in the national currency.

The priority is given to the maintenance of the low level of inflation. Low inflation rate will help to protect wages, pensions and other incomes, as well as the households’ savings in the national currency from depreciation.

Maintaining the growth of consumer prices close to 5 percent serves as a benchmark for low inflation. The growth of regulated prices will be limited by the level of core inflation, excluding dynamics of regulated prices in the areas where there is a need to liquidate the formed disproportions (housing and communal services and other).

Maintaining financial stability is expected through the reliable and safe functioning of financial market participants, increasing the stability of financial institutions and reducing systemic risks.

In order to increase the attractiveness of savings in the national currency and form sources for lending, a policy will be pursued to maintain the interest rates of the credit and deposit market at a positive level in real terms. Control over the growth of money supply will be ensured, contributing to the maintenance of price stability, not leading to the accumulation of macroeconomic imbalances and sufficient to meet the effective demand of the economy for money. We will continue to improve legislation in order to stimulate and expand utilisation of non-cash payments.

In the field of exchange rate policy, the use of the flexible exchange rate mechanism will continue. It will allow the economy to adjust to the changes in external conditions and smooth out their influence.

International reserve assets by the end of 2025 will amount to at least 2 months of imports with a gradual improvement in their structure in terms of reducing the debt component.

Monetary Policy Guidelines (MPG)