OREANDA-NEWS. On August 29, 2008 the President of the Republic of Belarus approved the Basic Areas of Monetary and Credit Policy of Belarus for the Year 2009, reported the Official website http://president.gov.by.

As in the previous years, the main objective of the national monetary and credit policy in 2009 will be to secure the stability of the Belarusian rouble, its purchasing power and its rate against foreign currencies.

The document envisages the pegging of the Belarusian rouble to the foreign currency basket (euro, US dollar and Russian rouble). The changing of the official exchange rate of the Belarusian rouble against the US dollar is expected to amount to plus/minus 5 per cent; the refinancing rate is not expected to exceed the range of 10-12 per cent by the end of 2009; the annual interest rates on new bank loans are expected within the range of 13-15 per cent, these on fixed-term deposits will remain within 10-12 per cent.

The increase in rouble money supply will amount to 34-38 per cent; that of broad money supply 32-40 per cent; that of rouble base 28-34 per cent; the increase in the resource base of the banks will range between 35 to 42 per cent.

The amount of loans extended to economic entities in Belarus will rise by 36 44 per cent. The volume of investment loans will reach Br 7-7.5 trillion. The total amount of loans to be provided by domestic banks for residential construction projects will range between Br 2.9 trillion and Br 3.8 trillion.

Provision of loans to Belarusian export-oriented producers will remain among lending priorities in 2009, as well as projects and major initiatives as part of the state village revival programme 2005-2010 and residential construction projects. The market of consumer crediting will continue growing.