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of December 9, 2021 No. 482

About approval of the Main directions of monetary policy of the Republic of Belarus for 2022

1. Approve the Main directions of monetary policy of the Republic of Belarus for 2022 (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 2022.

3. This Decree becomes effective since January 1, 2022.

President of the Republic of Belarus

A. Lukashenko

Approved by the Presidential decree of the Republic of Belarus of December 9, 2021 No. 482

The main directions of monetary policy of the Republic of Belarus for 2022

Chapter 1. Basic provisions

1. In 2022 activities of National Bank will be directed to forming of the conditions necessary for strong growth of welfare and improvement of quality of life of the population - main objective of social and economic development of the Republic of Belarus.

2. For achievement of the key purpose of state policy of the Republic of Belarus by National Bank within the competence measures for the following directions are planned:

ensuring macroeconomic stability;

forming of transparent and comfortable business environment as bases for expansion of opportunities for increase in the income of the Belarusian citizens;

increase in social standards and level of protection of the population in the financial sphere.

3. The main contribution of National Bank to ensuring macroeconomic stability consists in maintenance of price and financial stability that is necessary condition of preserving purchasing power of the income and the accumulated savings, forming of the steady and predictable circle for business planning.

4. Work of National Bank on improvement of conditions of business will be directed on:

development of the legal basis of functioning and implementation of activities of banks, non-bank credit and financial and not credit financial credit institutions *;

enhancement of system of currency control and currency exchange control;

expansion of forms and instruments of rendering financial services;

enhancement of conditions of carrying out by banks and non-bank credit and financial organizations of banking and other activities, including with use of modern information technologies;

increase in reliability, speed and convenience of calculations;

carrying out active communication policy.

The solution of the specified tasks will promote effective transformation of savings in investment and to rational distribution of money resources in economy.


* 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.

5. For increase in social standards and level of protection of the population in the financial sphere activities will continue on:

to enhancement of system of consumer protection of financial services;

to stimulation of financial institutions, including by forming of the relevant legislation, to carrying out socially responsible activities;

to counteraction to unfair practicians and strengthening of cyber security of consumers of financial services;

to increase in financial literacy of the population.

6. For the purpose of implementation of the best world practices interaction of National Bank with other Central Banks and international financial institutions on wide range of questions, including technical assistance programs will remain.

Carrying out researches of possibility of implementation of innovations is provided in financial credit system, including creations of digital currency of National Bank.

Chapter 2. Ensuring macroeconomic stability

7. Monetary policy in 2022 will be aimed at maintenance of the inflation measured by consumer price index at the level of 6 percent (December, 2022 by December, 2021).

The policy of control of the cash offer will proceed. It is predicted that the average wide money supply will increase by 7-13 percent (December, 2022 by December, 2021), ruble monetary base - for 8-13 percent.

The course policy, as well as earlier, will be carried out in the mode of the floating rate in case of which the currency rate is created under the influence of the demand and supply in the foreign exchange market. For non-admission of acute fluctuations of Belarusian ruble exchange rate, and also for the purpose of replenishment of gold and foreign exchange reserves carrying out currency interventions is allowed.

The percentage policy of National Bank will keep the orientation on maintenance of interest rates of the financial market at the positive level in real terms, assisting increase in appeal of savings in national currency and to forming of sources for crediting of economy. The refunding rate of National Bank is estimated at the level of 9-10 annual interest rates on average for 2022.

Carrying out transactions in the public market on auction basis will remain the main mechanism of regulation of liquidity of banking sector.

8. The National Bank together with the Government of the Republic of Belarus will continue work on maintenance of level of the international reserve assets of the Republic of Belarus that will promote increase in economic safety of the country and ensuring financial stability. It is predicted that the international reserve assets of the Republic of Belarus will constitute at least 7 billion US dollars for the end of 2022.

9. For preserving financial stability in 2022 the National Bank will create conditions for ensuring dynamics of crediting at the level allowing to maintain economic activity and not to allow increase of systemic risks in banking sector. To the solution of this task it is directed including application of indicator of debt load and indicator of security of the credit. In need of restriction of the systemic risk assumed by the banks realizing high-risk business model settlement sizes of standard risk will be established.

Quality of credit portfolio will be provided due to observance by banks of prudential requirements and maintenance of share of unattended assets of banks in the assets subject to credit risk, at the safe level which is not exceeding 10 percent.

Recovery of resource base of banks will be performed by means of stimulation of savings activity of the population and the direction of bank savings in economy for its further growth and development. In 2022 the surplus of requirements of banks to economy is estimated at the level of 7-11 percent.

10. The National Bank will continue work on implementation of international standards in the sphere of safe functioning of banks, non-bank credit and financial organizations, JSC Development Bank Republic of Belarus. The following initiatives will be for this purpose realized:


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