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National Bank to continue managed float of Belarusian rubel next year

The National Bank of Belarus (NBB) will continue to maintain next year a managed float regime whereby it will influence the Belarusian rubel’s exchange rate only by buying and selling foreign currency, the NBB press office said on Tuesday.

The NBB board discussed next year’s priorities at a meeting on Monday.

The key priority will be to curb inflation with the help of monetary instruments based on the economic policy pursued by the government, said the press office.

As for the managed float regime, the NBB will limit itself to minimal interventions in the foreign exchange market and pursue a money printing and interest rates policy that will help maintain the stability of the national currency, it said.

Another priority will be to maintain the country’s international reserves at a level ensuring the country’s economic security.

The NBB will also continue efforts to strengthen the banking system, said the press office. “Increasing the banks’ resources basis by improving their efficiency and attracting funds of national and foreign investors, lenders and depositors will be high on the agenda. Efforts to stimulate an increase in individuals’ bank deposits will play an important role [in fulfilling the task],” said the press office.

The NBB will try to refrain from printing new money to support the economy with loans, the press office said, noting that lending facilities would above all be available for investment projects aimed at launching high-technology and innovative products or increasing the country’s exports. //BelaPAN