National Bank of Belarus will form the refinancing rate according to the rate of inflation. This was stated by NBRB First Deputy Chairman Nikolai Luzgin at a briefing in Minsk on April 19. "The establishment of the refinancing rate will be considered in terms of not only actual but also expected inflation rates," he said.
As Telegraf previously reported, the refinancing rate rose by 1.5% to 12% on March 16, and it will be over 13% on April 20. «We’ll decide how to regulate it in the future judging by the situation,» BelaPAN quoted Nikolai Luzgin. According to him, the regulation of the refinancing rate is implemented as a measure of monetary policy tightening.
To achieve this goal, the National Bank has also raised interest rates on transactions of banks’ liquidity support from 16% to 18%, on auction operations to regulate liquidity — from 11% to 17.5%, on the bilateral swap deals — from 11% to 17%.
In addition, changes have touched upon the calculation of reserve requirements. Thus, the standard of the required reserves on attracted funds of legal entities in national currency for banks and non-bank financial institutions was increased from 6% to 9% during the whole February.
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