Context: UN experts issued a forecast of economic growth in Belarus for 2026 and 2027. The forecast predicted 2.1% growth for both years, though the country's authorities expect a larger 2.8% this year.
The results of the National Bank operations in 2025 were discussed on CTV on January 29, 2026.
“The country managed to fulfill all the targets defined by the presidential decree, including the criteria for GDP growth, exports of goods and services, and an increase in monetary incomes and investments within the forecasts. However, there are exceptions,” the presenter said.
Then, they showed a clip of Raman Halouchanka, the Chairman of the Board of the National Bank, presenting his report.
“Inflation reached 6.8 percent, which is higher than the predicted 5 percent,” the official stated.
The presenter listed the four leading indicators — GDP, exports, wages, and investments — but expectations for half of them did not align with reality. The result in terms of GDP fell threefold short of the target. Exports have decreased by half so far. It should be noted that there are only 11 months of data, but it is unlikely that one month will dramatically change anything. However, the most crucial point is that Raman Halouchanka's statement was unrelated to the above.
The head of the National Bank summarized his department's work and spoke about other indicators. BelTA reports that the official stated that the majority of the targets outlined in Decree No. 385 were met in 2025. This only concerns the operations of the National Bank, not the economy as a whole. It does not mention GDP, exports, or anything else. However, it does mention forecasts for inflation, international reserve assets, and payment system performance, among other things.
As it turns out, CTV not only lied about fulfilling the indicators but also attributed this lie to Raman Halouchanka.