/ / News

No emission credits in Belarus in 2012

MINSK, 22 November (BelTA) – There will be no emission credits in Belarus in 2012. This is envisaged by the social and economic targets, budget and monetary policy for 2012, BelTA learned from the presidential press service.

Chairperson of the Board of the National Bank Nadezhda Yermakova noted that in 2012 Belarus will make balanced economic development its priority. It is based on price stability. There are plans to curb inflation to 19-22%.

In order to reach price stability the NBRB will no longer provide emission credits to banks to finance investment projects. The NBRB will use standard instruments of liquidity regulation to refinance banks.

The Belarusian ruble exchange rate is determined by demand and supply of foreign currency on the local currency market. The NBRB makes minor interventions to prevent big exchange rate fluctuations. The National Bank bought $418 million and sold $390 million following the introduction of a single trading session in October. The bank will pursue the same policy next year.

Nadezhda Yermakova also drew attention to the need to eliminate mismanagement in all areas. In her words, in this case we may expect positive results from all measures. Thus, she said that the control over credit spending will become tighter.