of December 31, 2017 No. 470
About approval of the Main directions of monetary policy of the Republic of Belarus for 2018
1. Approve the Main directions of monetary policy of the Republic of Belarus for 2018 (are applied).
2. To provide to National Bank together with Council of Ministers of the Republic of Belarus accomplishment of the Main directions of monetary policy of the Republic of Belarus for 2018.
3. This Decree becomes effective since January 1, 2018.
President of the Republic of Belarus
A. Lukashenko
Approved by the Presidential decree of the Republic of Belarus of December 31, 2017 No. 470
1. Monetary policy will keep strategic orientation on ensuring price stability as basis of the sustainable and balanced development of economy of the Republic of Belarus.
Restriction of the inflation measured by consumer price index in the amount of no more than 6 percent (December, 2018 by December, 2017) will become main objective of monetary policy in 2018.
2. In 2018 carrying out monetary policy in the mode of monetary targeting will continue. The wide money supply will remain its intermediate reference point. The surplus of average wide money supply is predicted at the level of 9–12 percent (December, 2018 by December, 2017).
Within transition in the medium-term period to the mode of inflation targeting the operational reference point will be changed: since 2018 instead of ruble monetary base use of interest rate for daily interbank credits is provided in national currency.
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