An extended meeting of the Board of the National Bank of Belarus to discuss the implementation of the basic guidelines of the country's monetary policy in 2010 and the banking system problems in 2011 was held on Thursday, January 27. The participants noted that refinancing rate could reach 8 - 10% per annum by the year-end with 7.5-8.5% inflation forecast for 2011.
As Telegraf correspondent was told in the National Bank, interest rates on new loans in rubles to non-financial sector reached 11 — 13% per annum, new time deposits in rubles — 9 — 11% per annum. At the same time, the volume of lending to the economy is expected to increase by 24 -25%.
The exchange rate, pegged to the basket of foreign currencies within the corridor of fluctuations plus / minus 8% of the basket cost at the beginning of the year, will be kept in the coming year. «Interest rate policy will be aimed at ensuring the stable functioning of the financial system by keeping interest rates positive in real terms to ensure the safety and attractiveness of deposits in national currency and availability of bank credit,» National Bank.
It was stressed at the meeting that banks should work more actively with small and medium enterprises, provide maximum credit support for their establishment and further development, as well as implement new banking technologies and strategies for selling banking products, expand the range of services and improve their quality.
Summing up last year, the National Bank said that banks issued Br6.76 trillion ($2.25 billion) in concessional loan for housing in 2010, which is nearly 1.5 times (Br2.2 trillion) more than in 2009. Total debts of the population on all loans for the construction and purchase of housing have half grown, making Br15.8 trillion ($5.3 billion) in the beginning of 2011.
As Telegraf previously reported, the current refinancing rate in Belarus is 10.5%.