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Lelchitsy Regional Executive Committee
15 March 2017

Belarus’ refinancing rate down to 15% per annum

MINSK, 15 March (BelTA) – The refinancing rate of the National Bank of the Republic of Belarus (NBRB) was reduced from 16% to 15% per annum on 15 March, BelTA learned from the NBRB Information and PR Office.

Apart from that, the interest rate on standing and bilateral operations designed to keep up the current liquidity of Belarusian banks was reduced from 20% to 18% per annum.

The NBRB representatives explained that the decision to further reduce the refinancing rate was taken on the basis of disinflation processes and positive trends on the currency and deposit markets. “The country’s inflation keeps slowing down, and its deceleration has been gaining momentum,” the NBRB representatives said.

The strengthening of the Belarusian currency in January-February 2017 was the major influence on the inflation. The Belarusian ruble strengthened thanks to a robust supply of the foreign currency which far surpassed the demand on the domestic currency market, mainly due to the sale of foreign currency by individuals

The monetary factors continued holding inflation down. In February 2017 the average broad money supply grew by 1% in comparison with February 2016.

The deposit market demonstrated positive dynamics in household deposits nominated in the Belarusian currency due to their attractive earning power.

This is the third time the refinancing rate has been revised downward since the start of 2017. It was reduced from 18% to 17% on 18 January and from 17% to 16% on 15 February.