MINSK, 20 May (BelTA) – Belarus’ economic and monetary trends are showing steady positive growth, Chairman of the Board of Belarus’ National Bank Roman Golovchenko said as he opened a board meeting on 20 May, BelTA has learned.
“Recent economic and monetary trends show fairly steady positive growth, paving the way to fine-tune our policies, primarily monetary policy. Macroeconomic indicators demonstrate a stable trend, with inflation continuing to slow down since H2 2025,” Roman Golovchenko noted.
“In April 2026, annual inflation stood at 5.4%, dropping quite significantly from 2025 level. GDP has shifted onto a positive trajectory. External trade indicators are improving, and a stable situation is being maintained in the domestic foreign exchange market. The population’s savings activity remains high. At the end of April 2026, the annual growth rate of fixed-term ruble deposits reached 40.5%, which exceeds the growth in 2025, which was also characterized by high savings activity,” he added.
Also, according to the chairman of the National Bank’s Board, banks are providing the necessary credit support to the economy. Investment financing is on the rise. As of 1 May 2026, the banking industry claims on the economy saw a year-on-year growth of 10.9%. Investment financing in January–April 2026 increased by nearly 13%.
“Under these conditions, it is entirely logical to consider whether monetary policy parameters align with the emerging trends in the economy and finance. Therefore, the issue of the National Bank’s refinancing rate and the rates on bank liquidity support operations is being submitted to the board meeting today. Experts have prepared well-reasoned proposals regarding the levels of these rates. Today, we will carefully examine them from various perspectives. Before making a decision, it is necessary to weigh all the pros and cons, determine the most optimal rate levels, and assess how this will impact the country’s economic development,” he concluded.
