Belarusian central bank chief sees inflation slowing, "calm" price situation

MOSCOW. March 2 (Interfax) - Inflation in Belarus is slowing amid disinflationary factors and the situation with consumer prices is generally "calm," National Bank of Belarus (NBB) governor Roman Golovchenko said.

"Inflation was 0.5% in January and so far in February it is also at a low level, 0.2%. This is significantly lower than a year earlier. This is quite an objective trend that reflects the decreasing influence of pro-inflationary factors and the influence of disinflationary factors," Golovchenko said in a video released by his press service on Friday.

The slowdown of inflation is due in part to cooling demand for credit, he said. "Demand has become more balanced, more reasonable, perhaps. These factors influence price growth, inflation," Golovchenko said.

He also recalled that Belarus continues to regulate prices for key groups of consumer goods.

"Therefore the inflation situation is fairly calm now. We don't see doubts at this point that we'll manage to meet the set target for this year, which is up to 7% overall price growth and up to 5% core inflation, excluding administratively regulated prices and seasonal factors," Golovchenko said.

He said imports from Russia played a significant role in fanning inflation in Belarus a year ago.

"This was so-called cost inflation, which was related to several factors: higher inflation in Russia and, consequently, its transfer to us through imports of Russian goods and services. As well as to stronger consumer demand due to the growth of incomes and wages. All these factors were of a pro-inflationary nature," Golovchenko said.

"But now, on the contrary, we're seeing disinflationary factors," he added.

Monthly inflation in Belarus accelerated to 0.5% in January 2026 from 0.3% in December and 0.4% in November 2025. Annual inflation (compared to January 2025) was 6.4%.

Inflation in the country rose to 6.8% in 2025 from 5.2% in 2024 and 5.8% in 2023, and far exceeded the target of 5%.

In response to the higher inflation, the NBB raised its refinancing rate for the first time in two years on June 25, 2025, to 9.75% from 9.5%, where it had been since June 28, 2023.

The Belarusian authorities aim to keep inflation at 7% or lower this year.