Monetary Policy

National Bank of the Republic of Belarus

Monetary policy is a set of measures taken by the National Bank to maintain price stability in order to promote sustainable and balanced economic development.

The interest rate policy is implemented by setting the refinancing rate. The Board of the National Bank makes decisions on the refinancing rate.

The exchange rate policy is implemented in a floating rate mode. The National Bank does not intervene in the exchange rate market. The Belarusian ruble dynamics is influenced by the market, i.e. the ratio of demand for foreign currency to its supply in the domestic foreign exchange market.