OREANDA-NEWS. November 15, 2010. President Alexander Lukashenko met with the Chairman of the Board of the National Bank, Pyotr Prokopovich, to receive his report.

The Head of State has been updated on the progress in implementing the Basic Guidelines of the Monetary and Credit Policy of Belarus in January-October 2010 and on the progress in accomplishing the tasks the national banking system faces by the year-end.

The President has been informed that all the main monetary and credit policy targets for the January-October period have been met; the National Bank hopes to meet all the 2010 targets as well.

The amount of loans and credits issued for businesses that operate in the real production sector has increased by more than Br20 trillion, or 30 per cent. All the needs of the population and the real production sector in loans and credits are being met. The chief of the National Bank has assured the President that the planned rise in the amount of loans and credits issued for the population and the real production sector this year, a rise of 36 to 40 per cent, will be met.

The National Bank is making sure the interest rate policy programme is duly implemented, including the efforts aimed at reducing the refinancing rate (the Bank has reduced the rate six times this year) and interest rates in the financial market.

The National Bank makes sure the exchange rate of the national currency is stable. The fluctuation of the Belarusian rouble against the currency basket was within 1 per cent before the 4 per cent weakening. The fluctuations will remain in place until the end of the year, hence the stability of the national currency will be ensured this year as well as next year.

This is proved by the rise in the gold and hard currency reserves of Belarus. As of 1 November 2010, they rose to USD 6.365 billion, or by USD 400 million from the beginning of the year.

The National Bank has adjusted the draft Basic Guidelines of the Monetary and Credit Policy of Belarus for the Year 2011 taking into consideration President's remarks. 'The National Bank has finished what it has been tasked to do, and no later than tomorrow the finalized draft of the document will be submitted for consideration of the Head of State,' said Pyotr Prokopovich.