MINSK, 16 August (BelTA) – The plans to reduce the refinancing rate to 20-23% by the end of the year are still in effect, Chairwoman of the Board of the National Bank of the Republic of Belarus (NBRB) Nadezhda Yermakova told media on 16 August as a new central office of OAO BelVEB Bank was opened.
Nadezhda Yermakova said that although the refinancing rate reduction pace had dropped from 2 percentage points to 0.5 percentage points, the forecast to reduce the refinancing rate to 20-23% by the year end was still valid. “We will hit this target, provided something totally extraordinary does not hit us. The question is when we will be able to do it,” she said.
While reducing the refinancing rate, the National Bank takes into account inflation pace. Under certain conditions the reduction of the refinancing rate may be accelerated. Simultaneously the refinancing rate may be raised if necessary, she added. The refinancing rate is an instrument meant to stabilize the exchange rate as well as the demand of the population for loans and deposits. “For now there is no need to raise the refinancing rate,” stressed Nadezhda Yermakova.
