The National Bank of Belarus approved the main directions of monetary policy for 2027

The main directions of the monetary policy of Belarus for 2027 were approved by the resolution of the Board of the National Bank of the Republic of Belarus dated October 16, 2026 No. 213, the correspondent of the Minsk-Novosti agency reports.

The document determines the actions of the regulator to achieve the targets set by Presidential Decree No. 343 of September 30, 2026.

The National Bank will continue to regulate the money supply: its volume will correspond to the real needs of the economy and will not lead to increased prices. The sustainability of the financial sector will be facilitated by macro- and microprudential policies focused on monitoring compliance by banks, non-bank credit and financial institutions and Development Bank of the Republic of Belarus with the requirements of the legislation, risk assessment and management quality, as well as on taking the necessary response measures.

The implementation of measures to develop the banking and non-banking sectors of the financial market will continue, as infrastructure and regulatory changes implemented in 2026 will contribute to the entry of new organizations into the market. Particular attention will be paid to the reliable and safe functioning of the payment market and the provision of payment services by improving the legal framework and oversight of payment systems, conducting final events and control in this area.

For the credit support of the real sector, banks will continue to form a stable resource base. The focus will remain on attracting resources with a long shelf life through attractive conditions for deposits for individuals, as well as the development of new long-term savings instruments for citizens. Banks will be aimed at strengthening interaction with enterprises and the population to meet their solvent demand. Among the priorities is the support of business entities, primarily investment activity, and in lending to the population, the key direction will remain the increase in the volume of loans for the purchase of Belarusian goods.

The document contains forecast indicators of the monetary sphere, calculated in accordance with the macroeconomic scenario, which is the basis of the most important parameters of the socio-economic development of the country for 2027 (Presidential Decree of September 30, 2026 No. 342), and the draft republican budget. Thus, the growth of the average broad money supply is estimated at 14-16%; the increase in the requirements of banks to the economy is 11-13%, including to legal entities - 12-14%, to individuals - 10-12%. The interest rate on new investment loans of banks (excluding preferential ones) is projected at 9.3-9.8% per annum. The share of consumer loans for the purchase of goods of Belarusian producers in the total volume of consumer lending should be at least 14%, and the share of term irrevocable bank deposits (deposits) with a repayment period of more than 3 years in the balances of term irrevocable deposits of individuals in Belarusian rubles with a return period of more than 1 year - at least 10%.

In general, in 2027, the formation of appropriate conditions in the monetary sphere will contribute to the sustainable economic development of the country.