NBRB refinancing rate at 13-15% in late 2013

        The refinancing rate is expected to be at 13-15% per annum in Belarus in late 2013, with consumer prices up by 12%, in line with the Major Monetary Management Guidelines for 2013. The guidelines were adopted by Belarus President decree.
        The document set concrete targets of the monetary management policy, development parameters for the country’s banking industry for 2013 and has determined the policy for shaping the exchange rate of the national currency. The exchange rate of the Belarusian ruble will rely on demand and supply of foreign currency. Lending to the economy is expected to go up by 17-20% to reach 45-46% of the gross domestic product.
        In 2013 measures will be taken to integrate banking systems of Belarus and Russia, member states of the Eurasian Economic Community and other CIS member states. Work will be carried out with regard to the operation of the Customs Union and the Single Economic Space. The National Bank of the Republic of Belarus and the country’s banking industry will cooperate with the International Monetary Fund, the World Bank, the International Finance Corporation, the European Bank for Reconstruction and Development, the Anticrisis Fund of the Eurasian Economic Community, foreign central (national) banks in topical matters of bilateral cooperation.