Government, National Bank identify measures to address currency market problems
MINSK, 19 April (BelTA) - The Government and the National Bank have identified the ways out of the difficult monetary situation, the first deputy chairman of the Board of the National Bank, Nikolai Luzgin, told a press conference at the House of Government.
Nikolai Luzgin noted that “the situation on the currency market is difficult due to the objective and subjective reasons.”
In order to conduct a coherent monetary policy and ensure the stable functioning of the national economy, the Government and the National Bank will ensure that the amount of credits to the economy in 2011 does not exceed the parameters envisaged in the monetary policy guidelines for 2011. A moratorium will be imposed on the adoption of new state programs without ensuring non-emission sources of their funding. It is assumed that the 2011 consolidated budget expenditures will be optimized, with the deficit not exceeding 1.5% of GDP. The consolidated budgets of the oblasts and Minsk will be executed, with the expenditures not exceeding the parameters set for 2011.
After achieving the equal rate of the Belarusian ruble in transactions with foreign currency between banks and business entities, further measures will be taken to stabilize the situation on the domestic market. The goal is to reach the single Belarusian ruble exchange rate in all market segments.
