Monetary Environment Review

Monetary policy in Belarus remained subordinated to the goal of stimulating investment activity rather than ensuring price stability.

In Q3-2025, the National Bank actively issued rubles through the purchase of government bonds and foreign currency and did not withdraw excess liquidity at auctions. The interbank market rate remained extremely low, and the average deposit yield declined significantly. The average rate on market loans remained close to equilibrium in an environment of elevated risks of corporate lending. Overall, interest rate conditions are assessed as weakly stimulating demand in the economy in Q3-2025. The Belarusian ruble was overvalued by ≈1% in Q3-2025.

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