On the monetary policy targets for the year 2024

Belarusian President Aleksandr Lukashenko signed decree No.307 on 2 October to approve the most important parameters of Belarus' social and economic development forecast for the year 2024.

The economic policy will be primarily focused to ensure the sustainability of the economy and increase the welfare of the population. The growth of gross domestic product is projected at 3.8% thanks to large-scale investment and production programs, Belarusian export and the expansion of domestic demand.

It is expected that fixed-capital investments will expand by 3.9% in comparable conditions, exports of goods and services will increase by 7.6% (mainly due to an increase in physical sales volumes), real disposable income of the population will grow by 3.5%.

The policy of price containment will remain in place. To this end, a target is set for the National Bank and the government to keep the inflation under 6%.

As a result, real salaries are projected to up by 3.9%. The nominal accrued average monthly salary will be Br2,087 in the economy as a whole and Br1,634 in the public sector.

To achieve the most important parameters, the government is set to approve the country’s target plan for 2024. It will focus on the priority tasks for the government bodies to implement manufacturing, export and investment plans. The tasks set in it will be aimed at balanced economic growth without the risk of provoking macroeconomic shocks. The measures will also be aimed at raising living standards of the population.

Decree No.308 on monetary policy targets for 2024 was also adopted to create conditions for sustainable economic growth.

The list includes a set of qualitative indicators to ensure the sustainability of the banking system (including as a source of investment resources), and also price and financial stability. These include:

- consumer price growth - not more than 6%;

- international reserve assets - not less than $6 billion;

- the share of banks' non-performing assets in the assets exposed to credit risk of not more than 10% (maintaining this level will ensure stability of the entire banking system);

- an availability ratio of automated systems of payment market participants to ensure settlement operations - not less than 99.8% (this will make it possible to fully meet the needs of the real sector of the economy and citizens for unimpeded settlements in the country);

- increase in banks' claims on the economy - not less than 10%, which will expand resource support for the real sector, satisfying solvent demand for loans, which will become one of the key stimuli for economic growth.