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of December 1, 2014 No. 551

About approval of the Main directions of monetary policy of the Republic of Belarus for 2015

1. Approve the enclosed Main directions of monetary policy of the Republic of Belarus for 2015.

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 2015.

3. This Decree becomes effective since January 1, 2015.

President of the Republic of Belarus

A. Lukashenko

Approved by the Presidential decree of the Republic of Belarus of December 1, 2014 No. 551

The main directions of monetary policy of the Republic of Belarus for 2015

Chapter 1. Monetary policy purpose

1. Main goal of monetary policy is assistance to the sustainable and balanced development of national economy through maintenance of price stability. Decrease of the inflation rate, measured by consumer price index, to 12 percent (December, 2015 by December, 2014) will remain the main objective of monetary policy in 2015. Maintenance of the cash offer at the adequate level will promote decrease in monetary factors in inflation.

Chapter 2. Monetary policy realization

2. Instruments of monetary policy in 2015 will be directed to restriction of inflation taking into account the developing external and internal macroeconomic conditions.

The refunding rate will play key role in forming of cost of resources in the money market. She will be supported at the level necessary for achievement of price stability in economy. Taking into account inflation delay annual average value of refunding rate in 2015 will develop at the level of 15-16 annual interest rates.

The policy of interest rates in 2015 will provide their maintenance at the level positive in real terms. Ensuring appeal and safety of savings in Belarusian rubles will be performed by excess of their profitability over profitability of savings in foreign currency.

Market conditions of refinancing of banks with use of standard instruments of regulation of liquidity will remain.

3. Carrying out the course policy directed to smoothing of acute fluctuations of the exchange rate of Belarusian ruble will continue. Its dynamics will be created under the influence of fundamental macroeconomic factors.

4. Maintenance of level of gold and foreign exchange reserves in the conditions of considerable payments for external and internal obligations of the Republic of Belarus will remain important nation-wide task in 2015.

Dynamics of the international reserve assets of the Republic of Belarus will be determined mainly by condition of foreign trade, amounts of attraction of direct foreign investments and refinancings of obligations by the state in foreign currency.

Chapter 3. Development of bank and payment systems, financial market

5. The National Bank in 2015 will continue work directed to increase in stability of banking sector, forming of conditions for further development and implementation of new banking technologies, increases in standards and quality of banking services.

Banks will improve credit risk management. Quality of assets of banks will remain at the acceptable level providing necessary profitability of banking sector and depositor protection and shareholders.

In 2015 measures for increase in efficiency of banking supervision by implementation of international standards of regulation of activities of banks and supervision of it will be taken.

6. In 2015 actions of National Bank will be directed to stimulation of banks to building-up of steady resource base and active participation in development of economy by involvement of means of the population and legal entities on long-term basis with use of various financial instruments.

The surplus of wide money supply in 2015 will develop at the level of 13-15 percent. Crediting of economy by banks will be balanced with its development and directed mainly to the effective paid-back projects including financed with use of the state support. Requirements of banks and JSC Development Bank Republic of Belarus to economy in 2015 will grow by 12-14 percent.

Crediting of the state projects will be performed according to the decision on financing of state programs and actions made by the Government of the Republic of Belarus in 2015 taking into account opportunities of the budget of the Republic of Belarus for compensation of interest expenses.

7. In 2015 forming of the financial market will be provided by enhancement of its tools, mechanisms and infrastructure. This work will be carried out in case of close interaction of state bodies and members of the financial market.

Further development will be gained by non-bank segment of the financial market, including leasing, microfinancing, insurance services, off-exchange financial instruments.

Control of timely return of currency earnings to the country will continue.

8. In 2015 effective, reliable and safe functioning of payment system due to enhancement of the regulatory legal base in this sphere, price policy on settlement services and developments of electronic document management will be provided. Work on risk minimization in payment system on the basis of improvement of liquidity management, development of program and technical infrastructure taking into account international standards, implementation risk - the oriented supervision will be continued.

9. Development of information technologies in banks and other financial organizations in 2015 will be aimed at providing efficiency and continuity of provision of modern banking and other financial services.

10. Enhancement of system of clearing settlements on retail payments in 2015 will be directed to increase in share of non-cash transactions, application of new banking products and technologies on the basis of use of bank payment cards and electronic money.

Chapter 4. International cooperation

11. Special attention in 2015 will be paid to the questions connected with functioning of the Eurasian Economic Union, development of the contractual legal base and harmonization of legislations of his participants in financial and currency spheres.

Work on development of cooperation and expansion of mutually advantageous communications between bank systems of the Republic of Belarus and the Russian Federation within the Union State will be continued.

The cooperation of National Bank with the Central (national) Banks of other states of the Commonwealth of Independent States will be performed within Council of Interstate bank, and also bilateral and multilateral consulting interbank bodies.

The cooperation with the international financial institutions on realization of earlier approved directions of technical assistance, and also determination of spheres of expert assistance on topical issues of activities of National Bank will proceed.

Chapter 5. Final provisions

12. Further delay of inflationary tendencies, preserving macroeconomic and financial stability will become result of realization of monetary policy in 2015.


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