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5 May 2016

Belarus aims to reduce dollarization of its economy

MINSK, 5 May (BelTA) - The Government and the National Bank will develop an action plan to de-dollarize the Belarusian economy, the information and public relations department of the National Bank told BelTA following a meeting of the Board of the National Bank.

The most important task is to step up work on the de-dollarization of the Belarusian economy. “In this connection the National Bank has launched an initiative to develop a joint plan of activities of the Government and the National Bank which would provide for comprehensive measures to de-dollarize the economy and for a clear schedule,” the department noted.

In the context of the overall unfavorable economic situation in the first quarter, the National Bank and banks managed to meet the goals set for this period. “The slowdown in the growth of money supply, the supply of foreign currency on the domestic currency market, normalization of the situation on the deposit market help reduce the inflationary pressures in the Republic of Belarus. This creates opportunities for gradual reduction of the real interest rates in the economy, given their relatively high current level,” the National Bank noted.

One of the near-term challenges for the banking system will be the ‘normalization” of risk premium which is embedded in the interest rates both on deposits and on loans. This will be addressed gradually taking into account the integrated analysis of macroeconomic risks and the country's economic development forecast.

At the same time we will continue to regulate the money supply. It is necessary for preserving the macroeconomic equilibrium and financial stability, the National Bank said.

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