of December 31, 2013 No. 586
About approval of the Main directions of monetary policy of the Republic of Belarus for 2014
1. Approve the enclosed Main directions of monetary policy of the Republic of Belarus for 2014.
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 2014.
3. This Decree becomes effective since January 1, 2014.
President of the Republic of Belarus
A. Lukashenko
Approved by the Presidential decree of the Republic of Belarus of December 31, 2013 No. 586
1. In 2014 monetary policy will keep strategic orientation on maintenance of price stability in economy as fundamentals for economic growth and the balanced development of national economy.
2. Decrease of the inflation rate, measured by consumer price index, to 11 percent (December, 2014 by December, 2013) will become the purpose of the monetary policy realized together with measures of the economic policy pursued by the Government of the Republic of Belarus.
3. In 2014 maintenance of the positive level in real terms interest rates in economy ensuring attractiveness and safety of savings in national currency will remain priority of percentage policy.
The refunding rate will be supported at the level necessary for achievement of price stability in economy. Taking into account delay of inflationary tendencies its annual average value in 2014 will develop at the level of 14-16 annual interest rates.
The refunding rate will be the basic instrument of regulation of level of interest rates in the money market and basis for establishment of interest rates for liquidity provision transactions to banks.
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