National Bank of Belarus decided to reduce refinancing rate from July 14 by 0.5 percent points to 11.5% per annum. As explained in the country's main bank, the relevant decree number 277 taken by the NBB Board on July 6 basing on "strengthening of positive tendencies in economy and finance of the Republic of Belarus".
«Further reduction of the refinancing rate will strengthen the tendency of declining interest rates on bank loans, provided to business entities and population, what is to be additional impetus to the restoration of high economic growth rates in the country», stated in the National Bank.
«However, the conditions on ruble deposits, offered by banks, to the population continue to provide higher yield comparing with deposits in foreign currency and expected inflation rate», noted in the NBB.
As Telegraf previously reported, this year the National Bank already reduced the refinancing rate three times — up to 13% per annum from February 17 to 12.5% from April 19 and up to 12% from May 12.
The chairman of the National Bank of Belarus, Pyotr Prokopovich, on June 15 stated that in the near future refinancing rate would not decline as it was already in the limits, established by the main directions of monetary and credit policy, at the level of 12% (with mentioned in MDMCP 9-12%).