of December 18, 2015 No. 505
About approval of the Main directions of monetary policy of the Republic of Belarus for 2016
1. Approve the enclosed Main directions of monetary policy of the Republic of Belarus for 2016.
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 2016.
3. This Decree becomes effective since January 1, 2016.
President of the Republic of Belarus
A. Lukashenko
Approved by the Presidential decree of the Republic of Belarus of December 18, 2015 No. 505
1. Monetary policy in 2016 will keep orientation on assistance to the sustainable and balanced development of national economy through maintenance of price stability.
In 2016 decrease of the inflation rate, measured by consumer price index, to 12 percent (December, 2016 by December, 2015) will become main objective of monetary policy.
2. Goal achievement on inflation will be provided by control over the cash offer. In 2016 the National Bank will continue application of the mode of monetary targeting, using as the intermediate purpose wide money supply, as the operational purpose - ruble monetary base. The surplus of average wide money supply is predicted at the level of 18 percent plus-minus of 2 percent points (December, 2016 by December, 2015).
3. Realization of course and percentage policy by National Bank will be subordinated to task of effective management of the cash offer.
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