International reserve assets of Belarus accounted for $6.5 billion on October 1, 2010. They have risen by 8.5% ($506.7 million) since the beginning of the year. This was reported by the National Bank of Belarus. In the result of the enlarged meeting of the National Bank, held on October 28, the participants noted the positive trends in the economy and financial sector of Belarus.
Thus, the participants remarked that the most important results of the monetary and credit policy implementation in January-September 2010 was the Belarusian ruble adjusting to the cost of the foreign currency basket within a fixed corridor of legitimate values.
«Positive trends in the economy and the financial sector allowed targeting the interest rate policy to reduce primarily the general level of interest rates in order to increase credit resources availability. At the same time national currency deposits’ appeal to businesses and individuals was maintained,» the National Bank.
The most important event of interest rate policy in January-September 2010 was a phased refinancing reduction. Rates have decreased in six times over the period. To date, it’s made up 10.5% per annum.
The National Bank reported that an average of bank savings per man accounted for Br2.5 million on October 1, 2010, while it was Br1.9 million in January 2010. This figure has risen from $677.4 to $829 in dollar terms.
Credit Issued Br80.8 Trillion in January — October, National Bank
According to the National Bank, Belarusian banks have issued loans of Br80.8 trillion for the first three quarters of 2010, which is 44.3% (Br24.8 trillion) more than over the same period of 2009.
During the sitting of the National Bank it was pointed out that a significant place in the banks activities belonged to credit arrangements. So, the volume of credit indebtedness of individuals increased by 25.9% (Br4.1 trillion) to Br20.1 trillion in January — September 2010.
Speaking about the formation of a single pay and information space, the meeting participants note that it helps to implement the socially important state function. «The citizen is given a more convenient service and terms, when higher quality services are provided at a lower cost and common household problems are solved. While implementing this project, the government really cares about the person without demanding any additional costs. This work will be carried out in the future,» the National Bank stressed.
In this case, the meeting identified targets for the introduction of modern payment tools, the latest payments technology and effective information security systems. So, one of the main problems for the nearest future remains the financial stability strengthening as a key factor in ensuring a sustainable pace of socio-economic development.
In order to achieve these objectives the National Bank plans to increase the resource base, the statutory fund and banks regulatory capital, as well as to attract population funds into bank deposits (primarily in the national currency). In addition the National Bank intends to continue providing credit support to the real economy sector, to help attract foreign investment, respecting the norms of safe operation of the banking system.
