President of Belarus Alexander Lukashenko said at a meeting with the chairman of the National Bank Pyotr Prokopovich on September 20 that the bank should seek opportunities to reduce interest rates on loans to the people. This was reported by the representatives of the press service of the head of state.
President of Belarus demanded National Bank to continue ensuring the stable operation of the banking sector in Belarus, including the foreign exchange market, exchange rate policy and lending.
In turn, the head of the National Bank reported to Alexander Lukashenko on the results of the implementation of the monetary and credit policy of Belarus in January-August 2010. According to Pyotr Prokopovich, National Bank had done a lot of work to reduce interest rates within the given period. Thus, the refinancing rate has been reduced six times this year. It was 10.5% per annum on September 15. As a result of it, and the interest rates on loans have also been reduced.
«All the main indicators of monetary policy in Belarus are being carried out in the eight months. The rate of national currency to a basket of foreign currencies is stable, the rates of lending to the economy are high, interest rate policy is consistent with the basic directions of monetary policy, payment system works effectively,» Pyotr Prokopovich said .
Thus, the Belarusian ruble to a basket of foreign currencies for January — August decreased by only 0.29%, while the corridor of fluctuations for the year is to be + / — 10%. According to the head of the National Bank, all this creates a basis for sustainable economic development of Belarus.
«The stability of our national currency, the stability of exchange rate policy based not only on the successful work of our economy, but also on the fact that we have sufficient reserves», — said Petr Prokopovich.
According to the National Bank, September 1, gold and currency reserves of Belarus amounted to about six billion dollars, which is 1.7 times more than in the beginning of 2009.Chairman of the National Bank said that the growth of international reserves was provided by increasing foreign exchange earnings of the Belarusian enterprises, which is more than 20% (or $2.5 billion) higher in 2010 than in 2009.
The head of the National Bank promised to fulfill the plans to continue filling gold and currency reserves in the future. So, this year they are planned to increase by $0.5-1.8 billion.
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