The main directions of Belarus’s monetary policy for 2027 have been approved by a resolution of the National Bank’s Board on 16 October 2026, No. 213. The document outlines the National Bank’s actions to achieve the target indicators set by the Presidential Decree of 30 September 2026, No. 343. This was reported by the National Bank, writes sb.by.

The National Bank will continue to regulate the money supply. Its volume will correspond to the real needs of the economy, without causing an increase in price growth.

The strengthening of the financial sector’s resilience will be supported by the implementation of macro‑ and microprudential policy focused on monitoring banks, non‑bank credit‑financial organizations, and JSC “Bank of Development of the Republic of Belarus” in compliance with legal requirements, risk assessment and risk‑management quality, and the adoption of necessary response measures.

The implementation of measures to develop the banking and non‑banking sectors of the financial market will continue. The infrastructure and regulatory changes implemented in 2026 will facilitate the entry of new organizations into the market.

Special attention will be given to ensuring reliable and secure functioning of the payment market and the provision of payment services through the improvement of the legal framework and oversight of payment systems, conducting oversight activities and monitoring operations in the area of payment systems and payment services.

To provide credit support to the real sector of the economy, banks will continue to build a sustainable resource base. Their focus will remain on attracting long‑term deposits by offering individuals attractive terms on deposits. New long‑term savings instruments for citizens are also planned.

Banks will aim to strengthen interaction with enterprises and the population to meet their payment‑capable demand. Among the priorities will remain support for economic entities, primarily investment activity. In consumer lending, the key focus will remain the increase in the volume of loans issued by banks for the purchase of Belarusian goods.

In the main areas of Belarus’ monetary policy for 2027, forecast indicators characterizing the monetary sector are presented. In accordance with the conditions of the macroeconomic scenario, which form the basis of the most important indicators and parameters of the country’s socio‑economic development for 2027, approved by Presidential Decree No. 342 of September 30, 2026, and the draft republican budget for the upcoming year, an assessment of the values of the main monetary indicators is provided.

Specifically, the growth of the average broad money supply is projected at 14–16 %, the growth of banks’ claims on the economy at 11–13 %, including 12–14 % on legal entities and 10–12 % on individuals. The interest rate on new investment loans from banks (excluding loans granted on preferential terms) is 9.3–9.8 % per annum. The share of consumer loans for purchasing goods from Belarusian producers in the total volume of consumer credit is at least 14 %. The share of time deposits (deposits) with a maturity of more than three years in the balances of time deposits (deposits) of individuals in Belarusian rubles with a maturity of more than one year is at least 10 %.

“Overall, in 2027 the creation of proper conditions in the monetary sector will contribute to the sustainable economic development of Belarus,” concluded the National Bank.