Belarus' central bank to tighten monetary policy in 2014
The National Bank of Belarus says in a press release it will run a tight monetary policy this year.
"The National Bank of the Republic of Belarus will not ease monetary policy against the background of the agreements on the procurement of the necessary amount of external borrowings aimed at raising the gold and foreign exchange reserves. Conversely, this policy will be tightened," says the document as reported by the state news agency Belta.
The National Bank also says that in January 2014 the refinancing rate will remain at the same level of 23.5% p.a. In the longer term the rate may be gradually changed depending on inflation and the situation in the financial market.
The 2014 interest rate policy will seek to secure better profitability of deposits in Belarusian rubles compared with foreign currency deposits and protect savings from inflation. This, in turn, will enhance confidence in the national currency and contribute to the dedollarization of the economy, the National Bank said.
Photo: minsknews.by
