About the health of the monetary system

The state of the economy and the level of social protection of citizens largely depend on the stability of the monetary system of the state. The main conductor of the monetary policy is the central bank of the republic. Report regarding last year was made before the parliamentarians by the PRB Chairman Vladislav Tidva.

The main bank of the republic in its activities was guided by the main directions of the unified state monetary policy for 2018. The change in the official exchange rate of the ruble was made within the framework of the approved “currency corridor” - 16.0–16.5 rubles per dollar.

In the report presented to the elected representatives of the people, Vladislav Tidva cited many macroeconomic indicators characterizing the state of our economy and social sphere. The country's GDP grew by 3.6% last year (GDP per capita amounted to $ 1,839.9), industrial output increased by 8.5%, foreign trade turnover - by 24.2%, investment in fixed assets - by 41.8%, monetary incomes of the population - by 12.3%, revenues of the republican budget - by 15.5%, which allowed the state to fulfill social obligations to citizens. Inflation is fixed at 6.9%.

The head of the central bank noted the growth of non-cash payments, deposits on the population (1.9 billion rubles, in the 18th it grew by 544 million rubles), which may indicate growing customer confidence in the banking sector, excess of supply over cash demand in foreign exchange market. Vladislav Tidva told the deputies about the course of lending by the banking sector of the real sector of the economy. According to him, the volume of banks' investments in the economy of the republic increased by a third. An important source of cash income, supporting consumer demand, was also remittances from abroad. The value in ruble equivalent exceeded the previous year's figure by 11% and amounted to 1,632.1 million rubles in 2018.

After the announcement of information, the deputies of the Supreme Council asked the head of the central bank their questions. They related to the size of the state’s foreign exchange reserves, information that the PRB does not have enough foreign currency.

The head of the central bank assured representatives of the deputies' corps that this year the ruble rate will be kept in the approved currency corridor - 16.10–16.50 rubles per dollar.