OREANDA-NEWS. On July 21, 2008 President Alexander Lukashenko met with Pyotr Prokopovich, Chairman of the Board of the National Bank, to receive his report, reported the Official website http://president.gov.by.

Pyotr Prokopovich informed the Head of State on achievement of the main targets of the national monetary and credit policy in H1.

Over that period the National Bank was pursuing a monetary and credit policy necessary to meet the country’s social and economic targets. All the targets set forth in the Main Monetary and Credit Policy Guidelines were achieved. The crediting of the country’s real production sector was progressing fast. As of 1 July, credit resources stood at Br 38 trillion, up more than 1.5 times from last year, and the projected growth had been 41 per cent.

The H1 results in investment crediting also beat the projections. A total of investment credits issued by banks in Belarus in H1 2008 amounted to 75 per cent of the overall investment crediting target for the year 2008. The amount of privileged housing construction loans rose by one third from the same period last year.

The Chairman of the Board of the National Bank said that the interest rate policy carried out by the Bank was in compliance with the Main Monetary and Credit Policy Guidelines, “We are conducting the policy that encourages deposits from Belarus’ residents, companies, from non-residents of the Republic of Belarus; on the other hand we have been addressing some issues so as to enable our companies take advantage of credit resources.

In general, we have fulfilled this task in the first half year. Belarusian residents’ savings in bank accounts have been also growing faster than projected, with the rise approaching Br 2 trillion in H1. The increase in the funds of the non-residents of the Republic of Belarus reached Br 1.8 trillion.”