Belarus’ central bank approves 2027 monetary policy guidelines
19.10.2026
MINSK (
BelTA) – Belarus’ monetary policy guidelines for 2027 have been approved by National Bank Board Resolution No. 213 of 16 October 2026. The document outlines the central bank’s course of action to achieve the key targets set by Presidential Decree No. 343 of 30 September 2026, the regulator’s press service told BelTA.
The National Bank will continue to regulate the money supply, ensuring its volume aligns with the real needs of the economy without triggering excessive price growth.
The resilience of the financial sector will be bolstered by macro- and microprudential policies focused on monitoring compliance by banks, non-bank credit and financial organizations, and the Development Bank of Belarus with statutory requirements. These policies will also center on risk assessment, risk management quality, and taking necessary response measures.
Efforts to develop the banking and non-banking sectors of the financial market will continue. Infrastructure and regulatory changes implemented in 2026 will facilitate the entry of new entities into the market.
Special emphasis will be placed on ensuring the reliable and secure operation of the payment market and the provision of payment services. This will be achieved by upgrading the legal framework and enhancing the oversight of payment systems, conducting oversight activities, and monitoring operations within the sector.
To provide credit support to the real economy, banks will continue to build a stable funding base. The focus will remain on attracting long-term resources by offering individuals attractive terms on deposits. There are also plans to develop new long-term savings instruments for citizens.
Banks will aim to strengthen cooperation with enterprises and the public to meet their effective demand. Supporting business entities, particularly investment activity, will remain a top priority. In consumer lending, the key focus will be on expanding loans for purchasing Belarusian goods.
The 2027 monetary policy guidelines of Belarus outline the forecast indicators for the monetary sector. The assessment of key monetary figures is based on the macroeconomic scenario underpinning the country’s main socio-economic development parameters (approved by Presidential Decree No. 342 of 30 September 2026) and the draft national budget for the upcoming year.
In particular, the growth of the average broad money supply is targeted at 14–16 %, and the increase in bank claims on the economy at 11–13 % (including a 12–14 % growth for corporate clients and 10–12 % for individuals). The interest rate on new corporate investment loans (excluding subsidized or preferential loans) is projected at 9.3–9.8 % per annum. The share of consumer loans dedicated to purchasing Belarusian goods must reach at least 14 % of total consumer lending. Additionally, time-irrevocable deposits with a maturity of over three years must account for no less than 10 % of the total balance of retail time-irrevocable Belarusian ruble deposits with a maturity of over one year.
“Overall, creating proper conditions in the monetary sector in 2027 will support the sustainable economic development of Belarus,” the National Bank concluded.
The National Bank will continue to regulate the money supply, ensuring its volume aligns with the real needs of the economy without triggering excessive price growth.
The resilience of the financial sector will be bolstered by macro- and microprudential policies focused on monitoring compliance by banks, non-bank credit and financial organizations, and the Development Bank of Belarus with statutory requirements. These policies will also center on risk assessment, risk management quality, and taking necessary response measures.
Efforts to develop the banking and non-banking sectors of the financial market will continue. Infrastructure and regulatory changes implemented in 2026 will facilitate the entry of new entities into the market.
Special emphasis will be placed on ensuring the reliable and secure operation of the payment market and the provision of payment services. This will be achieved by upgrading the legal framework and enhancing the oversight of payment systems, conducting oversight activities, and monitoring operations within the sector.
To provide credit support to the real economy, banks will continue to build a stable funding base. The focus will remain on attracting long-term resources by offering individuals attractive terms on deposits. There are also plans to develop new long-term savings instruments for citizens.
Banks will aim to strengthen cooperation with enterprises and the public to meet their effective demand. Supporting business entities, particularly investment activity, will remain a top priority. In consumer lending, the key focus will be on expanding loans for purchasing Belarusian goods.
The 2027 monetary policy guidelines of Belarus outline the forecast indicators for the monetary sector. The assessment of key monetary figures is based on the macroeconomic scenario underpinning the country’s main socio-economic development parameters (approved by Presidential Decree No. 342 of 30 September 2026) and the draft national budget for the upcoming year.
In particular, the growth of the average broad money supply is targeted at 14–16 %, and the increase in bank claims on the economy at 11–13 % (including a 12–14 % growth for corporate clients and 10–12 % for individuals). The interest rate on new corporate investment loans (excluding subsidized or preferential loans) is projected at 9.3–9.8 % per annum. The share of consumer loans dedicated to purchasing Belarusian goods must reach at least 14 % of total consumer lending. Additionally, time-irrevocable deposits with a maturity of over three years must account for no less than 10 % of the total balance of retail time-irrevocable Belarusian ruble deposits with a maturity of over one year.
“Overall, creating proper conditions in the monetary sector in 2027 will support the sustainable economic development of Belarus,” the National Bank concluded.