As compared with the beginning of 2009, gold and foreign currency reserves of Belarus increased 1.7 times

On September 20th President of Belarus Alexander Lukashenko met with Chairman of the Board of the National Bank of Belarus Piotr Prokopovich to receive his regular report. The Head of State was informed on the progress of implementing the Guidelines for monetary and credit policy of Belarus over January - August 2010.

On September 20^th President of Belarus Alexander Lukashenko met with Chairman of the Board of the National Bank of Belarus Piotr Prokopovich to receive his regular report. The Head of State was informed on the progress of implementing the Guidelines for monetary and credit policy of Belarus over January - August 2010.

Following the results of the latest 8 months, all key indicators of the monetary and credit policy of Belarus have been met. The exchange rate of the national currency remains stable against the basket of foreign currencies, high rates of crediting the economy are maintained, interest rate policy meets the Guidelines for monetary and credit policy, while payment system performs effectively. All this provides a basis for the sustainable development of Belarusian economy.

For instance, over January - August 2010 the rate of Belarusian ruble to the basket of foreign currencies has decreased only by 0.29% while the planned corridor for the year’s fluctuations was within ± 10%.

“The stability of our national currency as well as the stability of the exchange rate policy is based not only on the successful work of our economy, but also on the fact that we have sufficient gold and foreign currency reserves,” Piotr Prokopovich informed the President. As of September 1^st, gold and currency reserves of Belarus amounted to 6,055 million dollars. As compared with the beginning of 2009, it is 1.7 times more.

The Chairman of the Board of the National Bank explained that the increase in gold and currency reserves is stimulated by growing foreign exchange earnings of Belarusian enterprises, which in the current year exceed last year indices by more than 20% (or 2.5 billion dollars). The Head of the National Bank assured the President that the plans aimed to supplement gold and currency reserves will be met. We would remind you that in the current year, in accordance with the Guidelines for monetary and credit policy, they should increase by 0.5 billion – 1.8 billion dollars.

Besides that, the National Bank of Belarus has done a lot to reduce interest rates. For example, this year refinance rate has been lowered at least 6 times. Starting from September 15^th it makes up 10.5% per annum. Naturally, interest rates on credits are falling as well.

Alexander Lukashenko emphasized that the National Bank must continue to ensure stable functioning of the banking sector, including foreign exchange market, exchange rate policy and crediting. The President attracted special attention to the necessity to seek out opportunities in order to reduce interest rates on credits to the public.

According to the press service of the President of the Republic of Belarus