National Bank of Belarus focused on restraining inflation processes in Q2
<p> MINSK, Aug 4 - PrimePress. The National Bank of Belarus (NBB) says it was focused on restraining the intensity of inflationary processes in the second quarter of 2021, taking into account the need to sustain business activity in the country. This is stated in the regulator’s report about the dynamics and factors of changes in consumer prices and tariffs in Q2 2021, published on the website of the National Bank of Belarus (NBB). </p> <p> </p> <p> “The situation in the monetary sector in Q2 2021 was, on the one hand, influenced by gradual recovery of business activity in the economy and, on the other hand, by persistent negative expectations of economic agents against the background of increasing sanctions pressure from European countries,” the NBB report says. </p> <p> </p> <p> Net purchase of foreign currency by individuals was recorded in the foreign exchange market, which was compensated by supply of currency by economic entities due to increase in exports and growth of foreign currency lending to enterprises. In the second quarter, FX sales exceeded FX purchases, which contributed to the strengthening of the Belarusian ruble against the dollar by 1.5% on average, against the euro by 1.7% and against the Russian ruble by 1.4%. </p> <p> </p> <p> According to the National Bank, the recovery of business activity was supported by banks’ lending to the non-financial sector. Q2 lending dynamics were in line with consumer and investment activity. In June 2021 the economy’s average debt to banks and the Development Bank of Belarus grew by 9.7% year on year (11.7% in March 2021). At the same time, interest rates on loans were practically at the same level as those on deposits. </p> <p> </p> <p> The average interest rate on new loans (excluding soft loans) in Belarusian rubles in June 2021 was 12.6% per annum (11.5% per annum in March 2021), while the average interest rate on new fixed-term bank deposits in Belarusian rubles - 12.3% per annum (11.9% per annum). End </p> <p> </p>
2021-08-05
Primepress
National Bank of Belarus focused on restraining inflation processes in Q2
MINSK, Aug 4 - PrimePress. The National Bank of Belarus (NBB) says it was focused on restraining the intensity of inflationary processes in the second quarter of 2021, taking into account the need to sustain business activity in the country. This is stated in the regulator’s report about the dynamics and factors of changes in consumer prices and tariffs in Q2 2021, published on the website of the National Bank of Belarus (NBB).
“The situation in the monetary sector in Q2 2021 was, on the one hand, influenced by gradual recovery of business activity in the economy and, on the other hand, by persistent negative expectations of economic agents against the background of increasing sanctions pressure from European countries,” the NBB report says.
Net purchase of foreign currency by individuals was recorded in the foreign exchange market, which was compensated by supply of currency by economic entities due to increase in exports and growth of foreign currency lending to enterprises. In the second quarter, FX sales exceeded FX purchases, which contributed to the strengthening of the Belarusian ruble against the dollar by 1.5% on average, against the euro by 1.7% and against the Russian ruble by 1.4%.
According to the National Bank, the recovery of business activity was supported by banks’ lending to the non-financial sector. Q2 lending dynamics were in line with consumer and investment activity. In June 2021 the economy’s average debt to banks and the Development Bank of Belarus grew by 9.7% year on year (11.7% in March 2021). At the same time, interest rates on loans were practically at the same level as those on deposits.
The average interest rate on new loans (excluding soft loans) in Belarusian rubles in June 2021 was 12.6% per annum (11.5% per annum in March 2021), while the average interest rate on new fixed-term bank deposits in Belarusian rubles - 12.3% per annum (11.9% per annum). End