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31.07.2018
Belarus' central bank considering reducing key lending rate to 9-9.5% p.a. by late 2019

The refinancing rate may be reduced to 9-9.5% per annum by the end of 2019, BelTA learned from the report delivered by Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Sergei Kalechits at a recent session of the board.

The government and the central bank are working hard on the guidelines for developing the national economy and the monetary management sphere in 2019. Next year's monetary management policy is expected to focus on curbing inflation down to 5% (December 2019 against December 2018) in terms of the consumer prices index.

The central bank will continue the policy of monetary targeting. The average broad money supply, which remains an intermediate reference point for the monetary management policy, is expected to grow by 9-12% (December 2019 against December 2018).

The interest rate policy will be geared towards hitting the right inflation target. The refinancing rate may be reduced to 9-9.5% per annum by the end of 2019 if the macroeconomic conditions match the forecast.

Raising the country's gold and foreign exchange reserves up to at least $7.1 billion (two months' worth of import of merchandise and services) will remain an important task.

The success of the pursued policy, the price stability, financial and macroeconomic stability in the country will depend to a large degree on concerted actions of the central bank, the banking system, and the central government. Persistence and trust in the pursued policy are important, the report reads.

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