Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC


of October 3, 2016 No. 359

About approval of the Main directions of monetary policy of the Republic of Belarus for 2017

1. Approve the enclosed Main directions of monetary policy of the Republic of Belarus for 2017.

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 2017.

3. This Decree becomes effective since January 1, 2017.

President of the Republic of Belarus

A. Lukashenko


Approved by the Presidential decree of the Republic of Belarus of October 3, 2016 No. 359

The main directions of monetary policy of the Republic of Belarus for 2017

Chapter 1. Monetary policy purpose

1. Monetary policy in 2017 will keep succession and will promote the sustainable and balanced development of economy of the Republic of Belarus by means of maintenance of price stability.

Decrease of the inflation rate, measured by consumer price index, to 9 percent (December, 2017 by December, 2016) will become main objective of monetary policy in 2017.

Chapter 2. Monetary policy realization

2. In 2017 carrying out monetary policy in the mode of the monetary targeting providing control over the cash offer will continue. As intermediate reference point of monetary policy the wide money supply, as operational - ruble monetary base will still be used. The surplus of average wide money supply is predicted at the level of 14 percent plus-minus of 2 percent points (December, 2017 by December, 2016).

3. Realization of the course policy providing limited participation of National Bank in the course of forming of the national currency rate will continue. Its dynamics will develop under the influence of fundamental macroeconomic factors and measures economic, budget and tax and monetary the politician.

The general orientation of percentage policy on gradual decrease in interest rates in economy in process of forming of the corresponding favorable conditions will remain. In real terms interest rates will be supported at the positive level which is adequately reflecting inherent macroeconomic risks.

4. The main instrument of regulation of liquidity of bank system will be the regular auction operations in the public market with standard terms performed according to the approved schedule in the form of tender of interest rates with in advance announced amount of transactions. The amount of auctions will be established proceeding from the operational purpose on ruble monetary base.

Constantly available tools of National Bank are designed to limit fluctuations of liquidity and interest rate of the interbank market. The adjusting impact on liquidity of banks can be given by National Bank also bilateral transactions of liquidity support and holding additional auctions.

5. For ensuring macroeconomic stability in 2017 with the Government of the Republic of Belarus and National Bank will hold the events directed to maintenance and building-up of gold and foreign exchange reserves of the country, and also improvement of their structure.

One of sources of replenishment of the international reserve assets of the Republic of Belarus will be purchase of foreign currency by National Bank which will be performed in case of steady excess of the offer of foreign currency in the domestic foreign exchange market over demand for it.

Chapter 3. Development of the financial market and payment system

6. In 2017 the National Bank will continue work on development of the financial market and payment system, building confidence in national monetary unit and decrease in dollarization of economy, forming of conditions for further increase in standards and quality of banking services.

7. Work aimed at providing safe and steady functioning of banking sector on the basis of development risk - the oriented methods of banking supervision will be continued.

The considerable attention in 2017 will be paid to stabilization of situation with troubled assets of banks. Actions of National Bank will be directed to increase in quality requirements of bank management by credit risk, including through carrying out adequate assessment of creditworthness of potential borrowers, quality and sufficiency of providing for execution of their obligations through timely identification of insolvent borrowers and rapid response to changes of indicators of their financial condition, and also by means of application of more conservative approach to assessment of currency risk of borrowers by provision of financing by it. Decrease in share of troubled assets in banking sector and settlement of the unattended credits will be promoted by activities of the Agency on asset management created in 2016. Practice of carrying out independent quality evaluation of assets of banks with involvement of the international audit companies will be continued.

From the point of view of sufficiency of covering special attention will be paid by banks of the accepted risks to observance of requirements to the size of the normative capital by them.

For the purpose of improvement of the liquidity management of bank system directed to decrease in liquidity risk, the National Bank will continue implementation of the international standards of liquidity Basel III oriented to maintenance of inventory of highly liquid assets.

8. In 2017 the orientation on stimulation of banks to the maximum involvement on long-term basis of means of the population and legal entities in development of economy with use of various financial instruments will remain.

National Bank together with the interested state bodies the implementation of actions, the conditions for development of the circle of mortgage lending and forms of financing of housing construction directed to creation will proceed.

9. Work on regulation of banking activities regarding enhancement of procedure for carrying out bank and money transfers, documentary operations will be at the same time continued.

For the purpose of simplification of the procedure of submission of bank guarantees implementation of measures, the bank guarantees directed to creation of the register will continue.

In the sphere of enhancement of clearing settlements the events directed to implementation in the address of the new bank instrument "Bank Payment Obligation" will be held.

For timely execution of payment requests of bodies of collection and decrease in risks of increase in debt to the budget together with the interested state bodies work on optimization of the mechanism of collection will be carried out.

10. In 2017 actions of National Bank will be aimed at market development of securities, investment banking, investment funds, microfinancial and leasing organizations.

The National Bank will render assistance to the Government of the Republic of Belarus in activization of attraction of the capital in real production sector by means of tools of the security market (shares, bonds).


This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SoyuzPravoInform LLC.