Belarus expects to switch to inflation targeting regime in 2021, envisaging floating national currency exchange rate and inflation targets close to the targets of the Russian Central Bank, as part of monetary policy unification with Russia, Belarusian National Bank Chairman Pavel Kallaur said on Friday
MINSK (Pakistan Point News / Sputnik - 01st November, 2019) Belarus expects to switch to inflation targeting regime in 2021, envisaging floating national currency exchange rate and inflation targets close to the targets of the Russian Central Bank, as part of monetary policy unification with Russia, Belarusian National Bank Chairman Pavel Kallaur said on Friday.
"We have reached agreement in principle [with the Russian Central Bank] on harmonizing certain aspects of our monetary policies ... Belarus and Russia should both have the same monetary policy regime, that of targeting inflation. This regime has already been introduced in Russia, while Belarus is yet to organize this," Kallaur told reporters.
Belarus could switch to this regime on January 1, 2021, if necessary changes to the legislation are introduced, Kallaur added.
"Exchange rates of the national currencies should be floating. Price stability will be a key matter for us and the Russian Central Bank, and our inflation targets should be somewhat close to one another," Kallaur specified.
The monetary policy unification is carried out as part of strengthening economic integration within the Union State of Russia and Belarus.
