National Bank Plans 8-10% Refinancing Rate Reduction

22.11.2010 09:06

National Bank plans to establish 8-10% refinancing rate per annum with 7.5-8.5% projected inflation in 2011. This position is provided by the decree № 597 "On approval of the monetary and credit policy of Belarus for 2011", signed by President of Belarus Alexander Lukashenko on November 19. 

As ait became known to Telegraf, the interest rates on new loans, designated for non-financial sector, should make 11-13% per annum, and 11.9% APR on new term ruble deposits in banks.

In addition, the National Bank has planned to change the value of the ruble against the basket of foreign currencies within the corridor of plus / minus 8% of the basket cost at the beginning of 2011. «The growth of banking sector assets and banks’ resource base (liabilities) increase are projected at 21-22% level. Banks’ claims to the economy in the total amount of active bank operations will increase by 24-25% and will make 58% of GDP,» officials said.

These figures are based on a forecast of the main parameters of socio-economic development. In case of the parameters’ change during 2011, monetary indicators will also change in the proper proportions, the press service of the State noted.