MINSK - Deputy Chairman of the Board of the National Bank Sergei Kalechits in an interview with the Respublika newspaper stated that there are no imbalances in domestic macroeconomic policy, there is no overvaluation of the Belarusian ruble, BelTA informs.
"This reflects the dynamics of monetary indicators, which generally correspond to the forecast parameters and the macroeconomic situation. The growth in annual terms of the average broad money supply is 15.1%, excluding the change in the exchange rate of the Belarusian ruble - 6.3%," said Sergei Kalechits.
Over the past five years, the National Bank, together with the government, has been pursuing a policy that ensures price stability and macroeconomic balance. This was facilitated, among other things, by the transition from 2015 to a monetary targeting regime and flexible exchange rate formation in the conduct of monetary policy. "Thus, a certain buffer of macroeconomic stability was created, which makes it possible today to soften the policy without violating the achieved stability," said the deputy chairman of the National Bank.
Asked whether monetary easing is a justifiable measure and whether there is a risk of facing the financial crisis that the country experienced in 2011 and 2014, he stressed: “Conducting countercyclical policies in a low demand environment is a normal practice for central banks, provided that this does not pose risks to price and financial stability. Comparison with the situation in 2011 and 2014 is unacceptable. Now the economy is faced with a new external shock caused by the pandemic. This has led to a decrease in both external and internal demand. no crises are observed now. Even those strong shocks that we experienced in March - April of this year did not lead to destabilization of the situation in the financial market. "