National Bank of Belarus: Financial stability in the market is key, and it will be ensured

In our forecast for next year, we took into account the situation in global markets, as well as in our closest neighbor and trading partner, Russia. This was announced today by the Ministry of Economy. We expect greater returns in 2026 from new export markets in Africa and Asia.

Yuri Chebotar, Minister of Economy of Belarus: "The key is that we have planned the corresponding tasks for ministries, concerns, and regional executive committees: increasing our presence in other markets, in distant markets, and in Asia, while maintaining our position at a moderate level. To this end, we have provided appropriate support mechanisms in the Russian market. From this date, all enterprises must prepare business plans within a short period of time."

Financial stability in the market is key, and it will be ensured. In the medium term, we will strive for inflation of 5%. This was stated by the National Bank of Belarus. The 7% target for next year is largely due to the situation this year, when overall price growth was significantly impacted by, for example, global prices for coffee and cocoa beans.

Andrei Kartun, Deputy Chairman of the Board of the National Bank of Belarus: "It's probably been two or three years since urban transportation fares have been increased, which has led to increased budget subsidies for this sector. In reality, consumers are increasingly paying less attention to the cost of passenger transportation. And all of this, of course, isn't free. This also includes fuel prices, which, by the way, are also regulated items. We also see some turbulence in global markets. Therefore, all of this is, of course, being factored in, and certain decisions will gradually be made to reduce budget subsidies and equalize fares, based on the rate of wage growth that has developed in recent years."

Andrei Kartun emphasized the National Bank's internal objective: Core inflation is inflation net of seasonal and administratively regulated components; we will strive to keep it at no more than 5%.

International reserve assets – no less than $9.2 billion

As for gold and foreign exchange reserves, they should be no lower than $9.2 billion next year. This target has already been reached this year. The regulator expects the figure to be higher, but much depends on global gold prices. Furthermore, next year we will have peak payments on government debt.