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26 Oct 2017

No plans to revise 2018 inflation target in Belarus

MINSK, 26 October (BelTA) – Belarus’ Economy Ministry is not planning to revise the inflation target for 2018, Belarus’ First Deputy Economy Minister Dmitry Krutoy told the media ahead of the third CIS international banking and finance forum Minsk Business Meetings, BelTA has learned.

When asked whether the ministry is planning to revise the inflation target for 2018, Dmitry Krutoy said that most likely this will not happen. “Next year we are planning the inflation at 7%. So far this forecast remains in force,” he said.

Dmitry Krutoy explained that the government is considering reducing the inflation target down to 6%. “Probably we will revise the target down to 6%. But there are too many factors against it. The economic growth is still a recovery one after two years of recession. The National Bank and the Economy Ministry do not see such significant reserves yet,” he said.

According to the medium-term five-year program the one-digit inflation was expected by 2019-2020, Dmitry Krutoy noted. “Yet, already in 2018 we are projecting it at 7%. It is a comfortable figure and a positive signal for economic entities that have started to draw up their business development plans for the next year,” he noted.

Dmitry Krutoy said that the GDP growth target for 2018 has not been revised yet either. It is still 3.4%. “All sources of growth remain in place. Therefore, we are not planning to revise this target,” he said.

 

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