OREANDA-NEWS. Having regard to the situation in the neighbouring states’ economies, primarily in the Russian Federation, the Government and the National Bank of the Republic of Belarus took a number of measures aimed at preventing the development of negative trends in the foreign exchange and financial markets of the Republic of Belarus and rising attractiveness of savings in Belarusian rubles.

The National Bank increased the interest rates on standing facilities and bilateral operations designed to support banks’ liquidity to 50% per annum. This measure, in turn, will result in the proportional increase in the rates on deposits in the national currency.

All major Belarusian banks should introduce a term guaranteed saving deposit with the mechanism of ruble savings indexation in case of the Belarusian ruble exchange rate changes. This measure will protect the savings in the national currency from the exchange rate risks and raise their attractiveness compared with the savings in foreign exchange.

Having regard to the increased demand for foreign exchange in the domestic foreign exchange market, it was resolved to introduce a temporary 30% fee for purchase of foreign exchange by legal and natural persons. Enterprises and banks will pay this fee when purchasing foreign exchange at the stock exchange; natural persons – in the form of commission when purchasing foreign exchange at banks. The paid funds will be directed to the budget.

At the same time, the approaches to setting up the exchange rate in the domestic market will remain unchanged. Any citizen may purchase and sell foreign exchange without any limitations; economic entities – at the Belarusian Currency and Stock Exchange. The operations involving purchasing/selling of foreign exchange by economic entities – residents of the Republic of Belarus in the over-the-counter foreign exchange market are temporarily suspended.

Besides, the norm of obligatory sale of foreign exchange proceeds inflowing to the country has been increased to 50% since December 19, 2014.

Along with the above-mentioned measures, the approaches to the monetary policy implementation has been tightened for the purpose of limiting money supply growth and increasing the "cost" of money.

In particular, the banks have been recommended to avoid the build-up of credit portfolio in Belarusian rubles till February 1, 2015 and not to change the currency of monetary obligations of the borrowers under credit agreements.

At the same time, it was resolved not to apply the supervisory response measures to banks for non-compliance with the requirements of Resolution of the Board of the National Bank of the Republic of Belarus No. 260 dated April 22, 2014 "On Maximum Amounts of Interest Rates on the Banks’ Operations Involving Provision of Monetary Funds (Credits) to the Legal Persons – Residents of the Republic of Belarus" from December 18, 2014 to January 1, 2015.

The above-mentioned measures will make it possible to raise the attractiveness of savings in Belarusian rubles, balance the foreign exchange market under the conditions of the increased demand for foreign exchange and avoid the growth of speculative expectations.