of October 10, 2024 No. 325
About approval of the Main directions of monetary policy of the Republic of Belarus for 2025
Based on part one of article 27 of the Bank code of the Republic of Belarus the Board of National Bank of the Republic of Belarus DECIDES:
1. Approve the Main directions of monetary policy of the Republic of Belarus for 2025 (are applied).
2. This resolution becomes effective since January 1, 2025.
Chairman of the board
P.V.Kallaur
Approved by the Resolution of Board of National Bank of the Republic of Belarus of October 10, 2024 No. 325
1. Monetary policy of the Republic of Belarus as component of single state economic policy is carried out by National Bank by means of implementation of actions, main objectives of its activities directed to achievement and accomplishment of the functions assigned to it according to the legislation.
Main objectives of activities of National Bank according to article 25 of the Bank code of the Republic of Belarus are maintenance of price stability and ensuring financial stability. Also National Bank promotes sustainable economic development of the country.
2. The target indicators of monetary policy answering the purpose of activities of National Bank affirm the President of the Republic of Belarus. The consumer price index acts as the indicator of price stability. Financial stability is characterized by the indicators connected with stable functioning of banking sector, smooth operation of the payment market of the Republic of Belarus and ensuring general macroeconomic balance. The indicator of surplus of requirements of banks to economy reflects extent of assistance of banking sector to sustainable economic development of the country.
The presidential decree of the Republic of Belarus of October 1, 2024 No. 385 "About target indicators of monetary policy of the Republic of Belarus for 2025" provides the following values of the corresponding target indicators:
surplus of consumer prices - no more than 5 percent;
the international reserve assets of the Republic of Belarus - 7, suffice 1 billion US dollars;
share of unattended assets of banks in the assets subject to credit risk (in general on the operating banks), - no more than 10 percent;
coefficient of availability of the automated systems of participants of the payment market of the Republic of Belarus by means of whom carrying out settlement transactions is provided, - not below percent 99,8;
surplus of requirements of banks to economy - at least 11 percent.
3. In 2025 the National Bank will create the monetary conditions promoting goal achievement on inflation restriction.
Control of growth of wide money supply will continue.
The course policy will be implemented in the mode of the floating rate providing forming of Belarusian ruble exchange rate under the influence of ratio of demand for foreign currency and its offers in the domestic foreign exchange market. This mode allows carrying out currency interventions by National Bank for the purpose of smoothing of the acute fluctuations of rate during trading foreign currencies which are carried out by Belarusian Currency and Stock Exchange open joint stock company. In case of steady excess of the offer of currency over demand acquisition of foreign currency for replenishment of gold and foreign exchange reserves is planned.
The percentage policy will keep orientation on ensuring appeal of the savings in national currency creating resource base of banks for financing of economy, and also availability of the credits to subjects of managing and the population. Interest rates in economy will be supported at the positive level in real terms.
4. Accomplishment of indicators of financial stability will continue to be performed by means of complex of the actions which are in competence of National Bank and Government of the Republic of Belarus and including macro - and microprudential regulation of financial institutions and the financial market, ensuring smooth functioning of the payment market of the Republic of Belarus, and also maintenance of economically safe level of gold and foreign exchange reserves.
The macroprudential policy in 2025 will be oriented to development of anticipatory measures for counteraction to risks and threats in scales of all financial system, and also decrease in its vulnerabilities.
For regulation of level of credit load of households taking into account their financial stability the National Bank will continue to use such macroprudential tools as indicator of debt load and indicator of security of the credit. The requirement about use of indicator of debt load will be also distributed to the leasing and commercial microfinancial organizations in case of the conclusion by them agreements of finance lease (leasing) or contracts of microloan with physical persons.
Restriction of the systemic risk generated by business models of banks with raised risk appetite, on the basis of settlement sizes of standard risk will remain the urgent direction of macroprudential policy.
5. The microprudential policy of National Bank will be aimed at providing steady functioning of banks, non-bank credit and financial organizations, "Development Bank of the Republic of Belarus" open joint stock company (further - JSC Development Bank Republic of Belarus), and also other payment service providers and not credit financial credit institutions * by means of regulation of their activities, remote supervision and carrying out selective and unscheduled inspections.
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* 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.
Regulation of activities of not credit financial credit institutions in 2025 will be directed to further forming of the legal basis and ensuring effective work of non-bank segment of the financial market.
The National Bank plans to finish work on consolidation of the precepts of law regulating leasing activities in one legal act and to start preparation of the regulatory legal acts directed to realization of its provisions. Creation of conditions for expansion of instruments of attraction of long-term resources by the leasing organizations will become priority task.
Creation of the legal framework for non-bank factoring * regarding establishment of requirements for activities of the commercial organizations as factors with their inclusion in the register of the factoring organizations, and also determination of National Bank as the state body responsible for regulation and control on this segment of the financial market will continue.
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