MINSK, October 24 (BelTA) – The SNB is positive regarding inflation prospects: the peak is the maximum, Chairman of the Board of Directors of the National Bank of Belarus Pavel Kallaur told the media on October 24, BelTA learned.
“The government and the central bank are taking steps to reduce inflation. Our forecasts are optimistic. We expect inflation to have peaked and sluggish. The procedure of reducing interest rates on loans will continue accordingly. All this in combination creates general situations for the genuine sector of the economy in terms of access to loans,” said the head of the SNB.
According to him, the economic scenario has required an increase in deposit interest rates to “encourage other people to keep their savings deposits. And that strategy worked. ” Interest rates on deposits in Belarusian rubles exceed inflation. The momentum is small, but stable,” Kallaur said. “Foreign currency deposits have declined by about a billion dollars. in the foreign market and reduced the burden of foreign currency loans.
Today is a situation. The rate on newly issued loans is lower than the rate of inflation: for example, 14. 06% per annum on a loan, or minus 2. 75% in real terms, adjusted for inflation.
“This year, the economy has a positive balance of payments. Companies and the country made $2. 1 billion in profits in January-September, which were used through corporations partly to pay external accounts payable, partly to repay loans from Belarusian banks. in foreign currencies. There was also a smart return in the genuine sector of the economy: around Br 12. 5 billion in net profit. This has also allowed corporations to solve their messes on their own. So the scenario is smart. The demand for solvents, especially in Belarusian rubles, is satisfied with the banking system. Foreign currency loans have decreased, which is a very positive thing,” the SNB chief said.
“From a credit point of view, solvent companies don’t see any problems,” he added.