April 14, Pozirk. Belarus’ rubel money supply (M2) has soared by 30 percent to 52.2 billion rubels since the start of 2025, the National Bank of Belarus said.
Cash in circulation (M0) has grown by 1.8 percent since the start of 2025 to 12.1 billion rubels, while broad money supply (M3) rose by 17.4 percent to 88.8 billion rubels.
Transferable deposits saw an increase of 3.4 percent from 15 to 15.5 billion rubels.
Last year, Raman Hałoŭčanka, who at that time served as prime minister, criticized “so-called experts” warning about the risk of overheating. “The other side paints economic news only in a negative light for people who are not very knowledgeable about economic models,” he said.
Last month, Alaksandar Łukašenka put Hałoŭčanka in charge of the central bank, noting that the official had always wanted to be more involved in the banking system.
Experts have already pointed out that Hałoŭčanka lacks appropriate training and may cause turmoil in Belarus’ economy, while his ties to the military and Russia may negatively affect Belarus’ finances, banking and currency.
