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Belarus plans to achieve single-digit inflation rate by 2017

Belarus plans to achieve an inflation lower than 10% already in 2017. The social and economic development of Belarus for the next 5 years was discussed on April 4 by the Council of the Republic, the upper chamber of Belarus' Parliament. 

According to forecasts, by 2020, the task is to limit the inflation rate to 5%. In 2015, the inflation figure stood at 12%.

Pavel Kallaur, chairman of the National Bank of the Republic of Belarus:
The task is tough, but doable. Inflation, which is determined by monetary factors, will be limited to the level stipulated by the guidelines of monetary policy for 2016. If conditions are favorable, it will even be lower. To do it, the National Bank is applying all the monetary policy tools.

Taking part in the session of the Council of the Republic on 4 April were senators, members of the government and heads of regional, city and district councils. This is done to ensure that the whole vertical of power is on the same page. The officials discussed fiscal policy, pension reform, the state of affairs in the agricultural sector and housing issues. Among the topical matters on the agenda is the affordability of loans in real economy.

Dmitry Chernyakov, member of the Standing Committee on Regional Policy and Local Self-Government of the Council of the Republic of the National Assembly of the Republic of Belarus:
We need to pay special attention to the affordability of loans to businesses. Unfortunately, to date, the high interest rates significantly affect enterprises.

In the near future, the main points of the program will be sent to the head of state. Then the document will be presented at the 5th All-Belarusian People's Assembly.

Belarus plans to achieve single-digit inflation rate by 2017