Belarus' monetary policy guidelines for 2015 approved

President Alexander Lukashenko has approved the major parameters of socio-economic development of the Republic of Belarus in 2015 and the guidelines of monetary policy for 2015. The President signed the relevant decree on December 1.

The growth rate of Belarus' GDP will make up 0.2-0.7%.

Thanks to continuing technological and economic modernization, productivity growth in the gross domestic product is set to stand at 1.5-2%.

Based on the likely decline in aggregate demand in Russia and the dynamics of world prices, the rate of exports of goods and services will decrease by about 4%.

Excluding oil and oil products, growth of exports of goods and services is projected at 0.3%.

It is expected that the ratio of foreign trade deficit in goods and services to GDP will be from -3.5% to -3.3%.

Energy intensity of Belarus GDP should be reduced by at least 0.5% as compared to 2014. Return on sales in the industry will be 7-7.5%.

Inflation in Belarus is projected at 12% in 2015.

Real disposable income in 2015 will grow by 1.1-1.5% as compared to 2014.

The monetary policy guidelines for 2015 read that the annual average refinancing rate will be at 15-16% per annum. The international reserve assets (as defined by the IMF) will remain at the level of 1 January 2015.