Priorities of Belarus’ social and economic development for 2017

Priorities of Belarus’ social and economic development for 2017

The main targets of the social and economic development of Belarus for 2017 were established.

The President signed the corresponding document. Inflation is one of the key points. It should not be increased by 9% during 12 months. It is expected to receive direct investment worth 1.5 million dollars. The document allows for a positive dynamics in foreign trade. Belarus needs to sell 3.8% more domestic products in 2017. Besides, the President approved principal directions in the monetary policy of Belarus.

Alexander Luchenok, Doctor of Economic Sciences:
The inflation rate will be reduced to 9%, in comparison with 12%. The growth of the money supply will be limited. The regulation of money supply will continue based on monetary targeting. What does it mean? It means that the supply of money will be limited. It means that the amount of Belarusian rubles entering the economy will be limited, which will provide the stability of the national currency.

Sergei Kalechits, deputy chairman of the National Bank of the Republic of Belarus:
The interest rate policy will be aimed at a gradual reduction in the level of interest rates in the economy. According to our forecasts, by the end of 2017, the refinancing rate will reduce to 14-16%, the rate on new bank loans will reduce to 17-18%. In 2017, we will have to solve a difficult task. We will have to increase the level of foreign exchange reserves by at least half a billion dollars, so that by the end of 2016, the figure will amount to 5.4 billion dollars. This is equivalent to 2.2 months of average imports.