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The National Bank of Belarus forecasts that the country's money supply in comprehensive terms will increase 32%-39% in 2009, against a forecast of 33%-37% in 2008.

These figures are based on a GDP growth forecast of 10%-12% for 2009.

The money supply forecast is included in a government project for the country's money-credit policy for 2009, which has been seen by Interfax.

According to the National Bank, the Belarusian ruble-based money supply will increase 32%-40% in 2009, against a forecast 34%-38% for 2008. The Belarusian monetary base is forecast to increase 28%-34% in 2009, up from a forecast of 29%-33% in 2008.

In addition, the National Bank forecasts that individual deposits in 2009 will increase by 4.2 trillion-5.2 trillion Belarusian rubles (2,128 Belarusian rubles/$1 on June 17, 2008), up from an increase of 3.3 trillion-3.7 trillion Belarusian rubles for 2008. Deposits on the part of companies and organizations are expected to go up by 4.8 trillion-5.7 trillion Belarusian rubles in 2009, up from an increase of 3 trillion- 3.4 trillion Belarusian rubles in 2008.

The Belarusian money-credit policy indicates that the parameters of the country's monetary policy are not strictly preset and they could be adjusted in accordance with the dynamics of the macroeconomic situation.

It was earlier reported that the ruble-based money supply in Belarus increased by 5% in January-May 2008 to 17.6 trillion rubles (as of June 1). The country's money supply in comprehensive terms in the same period increased 10.3%. The country's ruble-based monetary base rose 1.2% in the five months to 6.96 trillion Belarusian rubles.

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