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Inflation in Belarus projected at 15-18% in 2015

Inflation in Belarus is projected to stay lower the target within 15-18% in 2015, the Information and PR Department of the National Bank of the Republic of Belarus (NBRB) told BelTA following the NBRB board meeting on 23 July.

According to the bank representatives, inflation in the first half of the year was on decline. “In 2015 the country's monetary policy will stay focused on restraining inflation growth and creating conditions for balanced economic development,” the central bank said.

The participants of the meeting noted that the country's monetary policy in H1 2015 was aimed at supporting macroeconomic sustainability and inflation weakening. In Q2 2015 the National Bank completed the introduction of the main elements of the monetary targeting regime. It included changes to the system of regulating the current bank liquidity with the shift to the market mechanism of setting interest rates on the monetary market.

“The introduction of a more flexible exchange rate formation mechanism that envisages continuous two-way auctions as from 1 June 2015 considerably increases the role of market factors in forming the exchange rate of the Belarusian ruble and will mitigate the risks of accumulating external misbalances,” specialists said.

According to the NBRB, the growth of consumer prices in Belarus reduced from 17.1% in January 2014 to 13.2% in June 2015. “Since Q2 2015 inflation has been lower the projections for 2015 (18% with permissible variation of 2%),” the bank said.

The NBRB enlarged board meeting considered the results of Belarus' main monetary policy in H1 2015, the future tasks of the banking system, and issues related to increasing sustainable operation of banks. Attending the event were representatives of the government and the President's administration, the Council of Ministers, ministries and agencies

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