Belarus to increase demand for national currency

The government and National Bank of Belarus have approved a program aimed at increasing real demand of the domestic economy for national currency in 2003. According to the information department of the Belarusian National Bank, the program was worked out according to a president's decree of November 22, 2002, stipulating the main directions in the Belarusian monetary policy for 2003.

According to the program, demand for money already increased by 24.3 percent in January-November 2002 compared to the corresponding period in 2001. According to calculations of the Belarusian government, demand for Belarusian rubles should rise 1.24-1.68 times in 2003 in order to avoid a rise in prices amid a rise in monetary offers.