National Bank of the Republic of Belarus
Main objective of monetary policy
Inflation
(December 2025 to December 2024)
no more than 5%
Actual value
(August 2025 to August 2024)
7.2%

details

Intermediate target of monetary policy
Growth in the average broad money supply
(December 2025 to December 2024)
11-15%
Actual value
(August 2025 to August 2024)
16.5%

details
further on monetary policy

Refinancing rate
25/06/25 9.75%

details

Operations of the National Bank
Overnight credit 11.25%
Deposits at the National Bank 4.00%

details

Interbank interest rates
intraday 10/09/25 11/09/25
in Belarusian ruble (1 day) 4.12 4.12
in foreign currency (1 day) 16.03 15.84

details

Exchange rates
14/09/25 15/09/25
RUB 100 Russian Rubles 3.6271 3.6268
USD 1 US Dollar 3.0974 3.0818
CNY 10 Yuan Renminbi 4.3243 4.3025

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International reserve assets (USD m)
as at 01/09/25 12,412.2

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Exchange rates
14/09/25 15/09/25
RUB 100 Russian Rubles 3.6271 3.6268
USD 1 US Dollar 3.0974 3.0818
EUR 1 Euro 3.6195 3.6144
CNY 10 Yuan Renminbi 4.3243 4.3025

details

Main objective of monetary policy
Inflation
(December 2025 to December 2024)
no more than 5%
Actual value
(August 2025 to August 2024)
7.2%

details

Intermediate target of monetary policy
Growth in the average broad money supply
(December 2025 to December 2024)
11-15%
Actual value
(August 2025 to August 2024)
16.5%

details
further on monetary policy

Operations of the National Bank
Overnight credit 11.25%
Deposits at the National Bank 4.00%

details

Interbank interest rates
intraday 10/09/25 11/09/25
in Belarusian ruble (1 day) 4.12 4.12
in foreign currency (1 day) 16.03 15.84

details

Refinancing rate
25/06/25 9.75%

details