Russia-Belarus agreements do not imply changes in Central Bank’s monetary policy - Nabiullina
<p> MINSK, Sep 17 - PrimePress. The agreements between Russia and Belarus do not imply any changes in the monetary and credit policy of the Russian Central Bank, said Elvira Nabiullina, Chairwoman of the Central Bank of the Russian Federation. </p> <p> </p> <p> “Our mandate under the Constitution is the stability of the ruble, and the law on the Central Bank prescribes that the stability of the ruble is achieved through price stability. I am absolutely convinced that the inflation targeting regime is the optimal regime to achieve this. But of course we will continue to exchange information with our colleagues (from Belarus) on how we conduct monetary policy, on the risks (that accompany it). And if there is harmonization in the regime and in the perspective, perhaps, in the target parameters, I think it will be a plus for the participants of the common market,” Nabiullina said in an interview to RBC media holding. </p> <p> </p> <p> As previously reported, Nabiullina stated on 10 Sep 2021 that the Central Bank of Russia and the National Bank of Belarus were discussing the harmonization of the monetary policy based on Belarus’ transition to inflation targeting. </p> <p> </p> <p> Since 2015, the National Bank of Belarus (NBB) has been pursuing a monetary targeting policy based on a broad money supply indicator. It has an inflation target of 5%, while in Russia the target is 4%. In an interview with RBC, Nabiullina said it is not so much about the identity of the targets, but about the approaches to monetary policy themselves, as the Belarusian regulator has a different monetary policy regime. “They act through monetary aggregates rather than through the interest rate,” she explained. </p> <p> </p> <p> As previously reported, Presidents of Belarus and Russia Alexander Lukashenko and Vladimir Putin, at a meeting in Moscow on 9 September 2021, reconciled all 28 union programmes to deepen integration between the two countries. On 10 Sep 2021 the Council of Ministers of the Union State approved the 2021-2023 guidelines for the implementation of the provisions of the Treaty on the Creation of the Union State and 28 Union State programmes aimed to accomplish major aspects of strengthening Russia-Belarus integration. The union programmes are to be approved at the meeting of the Supreme State Council of the Union State on 4 November 2021, Lukashenko informed on 10 September. </p> <p> </p> <p> Among other things, the union programmes to deepen the integration of the two countries provide for harmonisation of monetary policy and macro-prudential regulation, foreign exchange regulation and foreign exchange control, information security requirements in the financial sector, regulation of credit and non-credit financial institutions, and the financial market in general. End </p>
2021-09-18
Primepress
Russia-Belarus agreements do not imply changes in Central Bank’s monetary policy - Nabiullina
MINSK, Sep 17 - PrimePress. The agreements between Russia and Belarus do not imply any changes in the monetary and credit policy of the Russian Central Bank, said Elvira Nabiullina, Chairwoman of the Central Bank of the Russian Federation.
“Our mandate under the Constitution is the stability of the ruble, and the law on the Central Bank prescribes that the stability of the ruble is achieved through price stability. I am absolutely convinced that the inflation targeting regime is the optimal regime to achieve this. But of course we will continue to exchange information with our colleagues (from Belarus) on how we conduct monetary policy, on the risks (that accompany it). And if there is harmonization in the regime and in the perspective, perhaps, in the target parameters, I think it will be a plus for the participants of the common market,” Nabiullina said in an interview to RBC media holding.
As previously reported, Nabiullina stated on 10 Sep 2021 that the Central Bank of Russia and the National Bank of Belarus were discussing the harmonization of the monetary policy based on Belarus’ transition to inflation targeting.
Since 2015, the National Bank of Belarus (NBB) has been pursuing a monetary targeting policy based on a broad money supply indicator. It has an inflation target of 5%, while in Russia the target is 4%. In an interview with RBC, Nabiullina said it is not so much about the identity of the targets, but about the approaches to monetary policy themselves, as the Belarusian regulator has a different monetary policy regime. “They act through monetary aggregates rather than through the interest rate,” she explained.
As previously reported, Presidents of Belarus and Russia Alexander Lukashenko and Vladimir Putin, at a meeting in Moscow on 9 September 2021, reconciled all 28 union programmes to deepen integration between the two countries. On 10 Sep 2021 the Council of Ministers of the Union State approved the 2021-2023 guidelines for the implementation of the provisions of the Treaty on the Creation of the Union State and 28 Union State programmes aimed to accomplish major aspects of strengthening Russia-Belarus integration. The union programmes are to be approved at the meeting of the Supreme State Council of the Union State on 4 November 2021, Lukashenko informed on 10 September.
Among other things, the union programmes to deepen the integration of the two countries provide for harmonisation of monetary policy and macro-prudential regulation, foreign exchange regulation and foreign exchange control, information security requirements in the financial sector, regulation of credit and non-credit financial institutions, and the financial market in general. End