May 18, 2011, National Bank of Belarus increases the refinancing rate from 13% to 14% per annum. The corresponding decree №172 of the National Bank was adopted on May 11, 2011, "given the significant increase in consumer prices in the country." "National Bank will continue to maintain the level of interest rates, ensuring the safety and attractiveness of ruble deposits in banks and organizations," stressed in the National Bank.
The main bank of the country is convinced that raising of the refinancing rate and, accordingly, the interest rates on deposits will enhance the protection of ruble deposits from devaluation, increase their profitability and also help stimulate the flow of funds into banks.
«This is a positive impact on expanding the resource base of financial institutions and their ability to meet the demand of the population and enterprises in banking services,» stressed in the National Bank.
According to Telegraf, it’s been the third increase the refinancing rate for 2011. National Bank has raised the rate by 1.5% — 12% per annum since March 16. The rate was set at 13% per annum on April 20. Meanwhile, the Presidential Decree № 597 «On approval of the monetary and credit policy of Belarus for 2011,» signed on November 19, set the refinancing rate at 8-10% per annum with projected inflation 7.5-8.5%.
