The National Bank has approved the main directions of monetary policy for 2025
The National Bank of Belarus has approved the main directions of monetary policy for the next year.
The corresponding resolution No. 325 was adopted by the Board of the National Bank on October 10.
What are the main directions of monetary policy approved?
According to the resolution of the National Bank's board, the growth of broad money supply next year will be 11-14%, the ruble money supply - 15-21%, the ruble monetary base - 10-13%.
Fixed-term and conditional ruble deposits of individuals for a period of one year will increase by 17-22%. By the end of the year, their share in the total volume will be at least 84%.
Banks' demands on the economy will grow by at least 11%. Lending to the economy will continue, primarily in national currency.
The share of banks' claims on the economy in rubles in the total claims of banks on the economy at the end of the year will be at least 74%.
The total volume of lending to individuals and legal entities in rubles and foreign currency will amount to 195-200 billion rubles, including 14-15 billion rubles for consumer purposes.
A gradual reduction in rates is expected in the absence of risks to macroeconomic stability: the refinancing rate will remain on average 9-9.3% per annum for the year, the rate on new ruble loans provided to individuals and legal entities on market terms will be 9-10.25% per annum, and on all new ruble loans to legal entities - 8.5-9.8% per annum.
