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of September 25, 2012 No. 419

About approval of the Main directions of monetary policy of the Republic of Belarus for 2013

1. Approve the enclosed Main directions of monetary policy of the Republic of Belarus for 2013.

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 2013.

3. This Decree becomes effective since January 1, 2013.


President of the Republic of Belarus A. Lukashenko

Approved by the Presidential decree of the Republic of Belarus of 25.09.2012 No. 419

The main directions of monetary policy of the Republic of Belarus for 2013


1. In 2013 monetary policy of the Republic of Belarus will keep strategic orientation on maintenance of price stability in economy.

2. For maintenance of external and internal balance of economy the exchange rate of Belarusian ruble, as well as in 2012, will be created proceeding from the demand and supply of foreign currency with limited participation of National Bank in exchange rate formation mechanism (the mode of the managed swimming).

The main forecast indicators of bank system of the Republic of Belarus for 2013 are given in appendix to these Main directions.


3. The monetary policy purpose in 2013 - decrease of the inflation rate by means of monetary tools taking into account the measures of economic policy taken by the Government of the Republic of Belarus.

4. Along with monetary policy goal achievement the National Bank and the Government of the Republic of Belarus will continue implementation of measures, the gold and foreign exchange reserves of the state directed to maintenance at the level ensuring economic safety of the country.

Taking into account repayment of internal and external obligations by the Republic of Belarus in foreign currency, attraction of direct foreign investments in national economy (4, 5 billion US dollars on net basis), achievements of positive balance of foreign trade in goods and services the international reserve assets according to methodology of the International Monetary Fund for 2013 will increase on 0,3 - 0, 7 billion US dollars.


5. Instruments of monetary policy in 2013 are directed to goal achievement on restriction of inflation taking into account the developing external and internal macroeconomic conditions.

6. The key part is assigned to percentage policy which priority is maintenance of positive level (in real terms) of interest rates in economy as important condition for ensuring price stability and safety of savings of investors.

Taking into account delay of inflationary tendencies the refunding rate by the end of 2013 will constitute 13 - 15 annual interest rates.

Auction transactions of National Bank are directed to non-admission of considerable variations of rate of daily ruble interbank credit from refunding rate level.

The National Bank will provide narrowing of corridor of interest rates which borders are determined by rates by constantly available transactions (the credit and swap overnight, deposits on fixed interest rate).

7. Credit issue of National Bank is carried out only on market conditions and for short terms with use of standard instruments of regulation of liquidity of banks.


8. The National Bank will continue work on development and strengthening of bank system.

Banks will augment the normative capital to the level necessary for covering accepted by them is risky, including due to entering of means by investors into authorized capitals of banks.

Resource base of banks will increase due to attraction of financial resources of residents and nonresidents of the Republic of Belarus.

Requirements of banks to economy will increase for 17 - 20 percent.

9. In 2013 the National Bank together with the Government of the Republic of Belarus will take the measures directed to increase in stability and competitiveness of the financial market.

10. In 2013 effective, reliable and safe functioning of national payment system will be provided.


11. In 2013 will proceed:

implementation of actions on integration of bank systems of the Republic of Belarus and the Russian Federation within the Union State, and also bank systems of the countries of Eurasian economic community and other State Parties of the Commonwealth of Independent States;

work on the questions connected with functioning of the Customs union and the Common economic space including forming and development of dogovornopravovy base;

interaction of National Bank and banking sector of the Republic of Belarus with the International Monetary Fund, the World Bank, the International Finance Corporation, the European Bank for Reconstruction and Development, Anti-recessionary fund of Eurasian economic community, foreign Central (national) Banks on topical issues of bilateral cooperation.


12. Delay of inflationary tendencies, creation of conditions for the sustainable and balanced development of national economy will become result of realization of monetary policy in 2013.


to the Main directions of monetary policy of the Republic of Belarus for 2013

The main forecast indicators of bank system of the Republic of Belarus for 2013 the Name of indicators

Name of indicators

The forecast for January 1, 2014.

Surplus of the international reserve assets of the Republic of Belarus according to methodology of the International Monetary Fund, one billion US dollars

0,3 – 0,7


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