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of December 22, 2020 No. 481

About approval of the Main directions of monetary policy of the Republic of Belarus for 2021

1. Approve the Main directions of monetary policy of the Republic of Belarus for 2021 (are applied).

2. To provide to National Bank together with Council of Ministers of the Republic of Belarus accomplishment of the Main directions of monetary policy of the Republic of Belarus for 2021.

3. This Decree becomes effective since January 1, 2021.

President of the Republic of Belarus

A. Lukashenko

Approved by the Presidential decree of the Republic of Belarus of December 22, 2020 No. 481

The main directions of monetary policy of the Republic of Belarus for 2021

Chapter 1. Basic provisions

1. In 2021 monetary policy will keep orientation on maintenance of price and financial stability, making thereby contribution to forming of the conditions promoting sustainable economic development of the Republic of Belarus.

2. Maintenance of the low rate of inflation in the country will become main objective of monetary policy.

3. Preserving financial stability will be performed by implementation of actions on restriction of systemic risks, ensuring reliable and safe functioning of banks, non-bank credit and financial organizations, JSC Development Bank Republic of Belarus, not credit financial credit institutions 1, and also payment system.


1 Not credit financial credit institutions are understood as leasing, microfinancial and other not credit financial credit institutions which regulation of activities is assigned to National Bank according to the legislation.

4. Further development will be gained by financial services and infrastructure of the financial market that will promote increase in allocation efficiency of money resources and decrease in risks in economy.

5. Carrying out active communication policy by National Bank, increase in transparency of its activities will promote strengthening of trust to the regulator, decrease in inflation expectations and, therefore, increase in stability of financial system.

6. The National Bank will continue interaction with other Central Banks and international financial institutions concerning monetary policy enhancement, including technical assistance programs.

Chapter 2. Maintenance of price stability

7. The monetary policy in 2021 will be directed to restriction of the inflation measured by consumer price index within 5 percent (December, 2021 by December, 2020).

8. In 2021 the National Bank will continue application of the mode of monetary targeting, using as the intermediate purpose wide money supply, as the operational purpose - ruble monetary base. The surplus of average wide money supply is predicted at the level of 7-10 percent (December, 2021 by December, 2020), average ruble money supply - 11-14 percent (December, 2021 by December, 2020). The ruble monetary base will increase in 2021 by 10-13 percent.

9. The course policy, as well as earlier, will be carried out in the mode of the floating rate which allows carrying out currency interventions for smoothing of acute fluctuations of Belarusian ruble exchange rate, and also acquisition of foreign currency for replenishment of gold and foreign exchange reserves.

10. The orientation of percentage policy on maintenance of interest rates in economy at the positive level in real terms will remain.

The operations in the public market performed on auction basis according to the approved schedule will remain the main instrument of regulation of current liquidity of banking sector. The amount of auctions will be determined proceeding from need of accomplishment of the operational purpose by ruble monetary base.

Chapter 3. Ensuring steady functioning of banks, non-bank credit and financial organizations, JSC Development Bank Republic of Belarus, not credit financial credit institutions

11. In 2021 enhancement of early warning system and identification of risks of financial stability and their sources will continue. The National Bank will create conditions for maintenance of growth of crediting at the level which is not leading to strengthening of systemic risks. Application of indicators of debt load and security of the credit which parameters will be determined on the basis of regular assessment of stability of the sector of households and level of the risks connected with crediting of physical persons is for this purpose supposed. The attention will be paid to restriction of level of the systemic risk generated by business models of banks with the increased tendency to risk (risk appetite).

12. In 2021 the National Bank will carry out work on further implementation of international standards in the sphere of safe functioning of banks, non-bank credit and financial organizations, JSC Development Bank Republic of Belarus.

Enhancement of approaches to assessment of credit risk taking into account the recommendations received during technical assistance of experts of the International Monetary Fund is supposed. Still the attention to the work on maintenance of share of unattended assets of banks in the assets subject to credit risk which is carried out by banks, at the safe level which is not exceeding 10 percent will be paid.

Following the results of carrying out substantive audit of information technologies of banks (IT audit) preparation and the direction of recommendations to banking sector about enhancement of approaches to management of operational risk is planned.

13. During the implementing of supervision of banks, the non-bank credit and financial organizations, JSC Development Bank Republic of Belarus, control and monitoring of measure values of safe functioning the National Bank will apply the principles risk - the oriented supervision taking into account implementation of new approaches to its implementation according to international standards in the field of banking supervision. Assessment of activities of banks taking into account the counter-cyclical measures taken by National Bank in 2020 directed to support of real production sector, and need of special attention to activities of systemically significant banks by means of monitoring of indicators of the early prevention, carrying out overall supervising assessment of banks, taking measures of early and (or) supervising reaction will be carried out for this purpose.

Enhancement of prudential requirements to banks taking into account the principle of the pro rata regulation assuming the differentiated amount of requirements depending on the system importance, risk profile of bank, nature and amounts of the banking activities performed by it and other activities is provided.

Checks will be oriented to studying of problematic issues of activities of banks and proper risks assessment for the purpose of determination of real financial condition and stability of business model. Forward development of process of conducting checks, including its methodological component, will be directed to decrease in regulatory loading and improvement of quality of risks assessment. Interaction with banks will be made with use of digital channels of communication.


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