NBRB head outlines Belarus’ 2027 monetary policy targets
01.10.2026
MINSK (
BelTA) – Consumer price growth in 2027 should not exceed 6 %, while gold and foreign exchange reserves should stand at no less than $12.8 billion, Roman Golovchenko, the Chairman of the Board of the National Bank of the Republic of Belarus (NBRB), told the media, commenting on the 2027 monetary policy targets approved by presidential decree No. 343 on 30 September, BelTA has learned.
The National Bank’s main objectives include maintaining price and financial stability and promoting economic development. “Five monetary policy targets have been set in total, and they generally cover all our main objectives and are in line with our medium-term program of activities. The first, probably the most important one, is consumer price growth of no more than 6 %. As for the current situation, consumer price growth is at 4.5 %. This is below the target point. We will do everything possible to ensure that price growth in the economy also does not exceed 5 % in 2027. This will help keep inflation at a sufficiently low level over the medium term,” Roman Golovchenko said.
Gold and foreign exchange reserves are expected to stand at no less than $12.8 billion in 2027. According to the head of the National Bank, the target level of gold and foreign exchange reserves was calculated based on the government’s external debt repayment obligations. “We expect the actual level of assets to come out even higher,” Roman Golovchenko added.
The share of non-performing assets in banks’ assets exposed to credit risk should be no more than 10 %. Maintaining this level will ensure the stability of the banking system as a whole. “It is currently much lower, at around 2.5 %, which generally indicates the resilience of the banking system to possible shocks and crises. We are monitoring this indicator very closely. First and foremost, it is intended to ensure that banks, when issuing loans, adhere to the principle of repayment and do not put depositors at risk,” Roman Golovchenko noted.
Another indicator of stability concerns the payment market - the availability ratio of payment systems for settlements should be at least 99.8 %. “Put simply, the payment system of each market participant may be out of operation for no more than three minutes a day or 18 hours a year, mainly for scheduled technical maintenance. Given that about 14 million payment transactions are processed through payment systems in the country every day, maintaining this pace and handling such a workload is no easy task,” Roman Golovchenko said.
“First and foremost, this indicator reflects the technological resilience of the banking system. Modern payment systems are developing rapidly every year. Quite recently, we introduced a fast payment system using QR codes, which, I am sure, will develop next year. To ensure that all these systems operate without disruption, the necessary technological standards must be maintained. This indicator sets stringent requirements for system participants, prompting them to mobilize and maintain their technical infrastructure at the required level.”
The growth in investment financing in 2027 should be at least 13 %. “These are funds directed toward the country’s investment development and innovative investment projects implemented by our commercial organizations. The same 13 % growth target has been set for 2026, but the figure is currently substantially higher thanks to the efforts we have made. In eight months, Br4.9 billion in investment loans were issued. We expect this amount to approach Br8 billion by the end of 2026. In 2027, this figure should approach Br9 billion. This is the minimum target we are setting for ourselves, while we expect growth to be higher. It will depend primarily on the economy’s demand for such loans, while the banking system, given the liquidity available to it, is ready to provide them in full,” he emphasized.
The National Bank’s main objectives include maintaining price and financial stability and promoting economic development. “Five monetary policy targets have been set in total, and they generally cover all our main objectives and are in line with our medium-term program of activities. The first, probably the most important one, is consumer price growth of no more than 6 %. As for the current situation, consumer price growth is at 4.5 %. This is below the target point. We will do everything possible to ensure that price growth in the economy also does not exceed 5 % in 2027. This will help keep inflation at a sufficiently low level over the medium term,” Roman Golovchenko said.
Gold and foreign exchange reserves are expected to stand at no less than $12.8 billion in 2027. According to the head of the National Bank, the target level of gold and foreign exchange reserves was calculated based on the government’s external debt repayment obligations. “We expect the actual level of assets to come out even higher,” Roman Golovchenko added.
The share of non-performing assets in banks’ assets exposed to credit risk should be no more than 10 %. Maintaining this level will ensure the stability of the banking system as a whole. “It is currently much lower, at around 2.5 %, which generally indicates the resilience of the banking system to possible shocks and crises. We are monitoring this indicator very closely. First and foremost, it is intended to ensure that banks, when issuing loans, adhere to the principle of repayment and do not put depositors at risk,” Roman Golovchenko noted.
Another indicator of stability concerns the payment market - the availability ratio of payment systems for settlements should be at least 99.8 %. “Put simply, the payment system of each market participant may be out of operation for no more than three minutes a day or 18 hours a year, mainly for scheduled technical maintenance. Given that about 14 million payment transactions are processed through payment systems in the country every day, maintaining this pace and handling such a workload is no easy task,” Roman Golovchenko said.
“First and foremost, this indicator reflects the technological resilience of the banking system. Modern payment systems are developing rapidly every year. Quite recently, we introduced a fast payment system using QR codes, which, I am sure, will develop next year. To ensure that all these systems operate without disruption, the necessary technological standards must be maintained. This indicator sets stringent requirements for system participants, prompting them to mobilize and maintain their technical infrastructure at the required level.”
The growth in investment financing in 2027 should be at least 13 %. “These are funds directed toward the country’s investment development and innovative investment projects implemented by our commercial organizations. The same 13 % growth target has been set for 2026, but the figure is currently substantially higher thanks to the efforts we have made. In eight months, Br4.9 billion in investment loans were issued. We expect this amount to approach Br8 billion by the end of 2026. In 2027, this figure should approach Br9 billion. This is the minimum target we are setting for ourselves, while we expect growth to be higher. It will depend primarily on the economy’s demand for such loans, while the banking system, given the liquidity available to it, is ready to provide them in full,” he emphasized.