MINSK, 25 November (BelTA) – In 2010 the Belarusian ruble will fluctuate within the plus/minus 10% band against the basket of currencies, deputy chairman of the Board of the National Bank of Belarus Nikolai Luzgin told reporters on 25 November. According to Nikolai Luzgin, this exchange rate band is envisaged in the draft monetary policy guidelines of Belarus for 2010. The document has already been submitted to the Presidential Administration. The rate of refinancing is projected at 9-12% p.a. at the end of 2010. Nikolai Luzgin reminded the reporters that the National Bank took a decision to reduce the refinancing rate from 14% to 13.5% on 1 December. In accordance with the 2009 monetary policy guidelines, the refinancing rate was supposed to go down to 12%. When asked whether this projected target would be reached by the end of the year, Nikolai Luzgin noted that further reduction of the refinancing rate this year would depend on the situation in the economy including the inflation. In 2010 GDP is expected to increase by 11-13%, inflation is projected at 8-10%, growth of capital investments at 23-25%.

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