Inflation in Belarus is running below the ceiling limit. In September 2026, it reached 4.6% year-on-year, against the set ceiling of no more than 7%. This was announced by Roman Golovchenko, Chairman of the National Bank, at an expanded meeting of its board.

Key monetary and credit indicators are being met

Golovchenko said that all key indicators in the monetary and credit sphere, approved by the decree of the head of state, are being fulfilled.

Inflation is running below the target trajectory. In September, the year-on-year figure was 4.6%.

The ceiling limit is set at no more than 7%. Core inflation is also within the target parameters — 4.8% against a target of no more than 5%.

"As for inflation, it is running below the target trajectory. In September, the year-on-year figure was 4.6%. Recall that the ceiling limit is set at no more than 7%. What is even more important, core inflation is being kept within the target parameters — 4.8% against a target of no more than 5%. This has, in particular, helped reduce the cost of credit resources," Roman Golovchenko said.

Credit and deposit rates

The decline in inflation has helped reduce the cost of credit resources.

Average loan rates for enterprises have reached single-digit levels — 9.7% per annum.

For investment financing, the interest rate environment is at its most comfortable level. This allows enterprises to actively engage in investment activities.

At the same time, attractive deposit returns are being provided, especially for long-term deposits. This stimulates savings activity and a savings model of behavior among citizens.

Long-term deposits have grown several times

Since the beginning of the year, the total volume of long-term non-withdrawable ruble deposits has grown almost 1.5 times.

At the same time, deposits for terms over three years have increased six times — from 180 million rubles to more than 1.2 billion rubles.

In the total volume of long-term funding, they have reached almost 8%.

Golovchenko believes that, if this pace is maintained, it is quite realistic to reach a 10% share of long-term deposits for over three years by the end of the year.