Refinancing rate in Belarus at 36% p.a.

MINSK, 2 April (BelTA) – The National Bank of the Republic of Belarus (NBRB) cut down the refinancing rate to 36% per annum on 2 April, BelTA learnt from the NBRB information department. “The Board of the National Bank have taken a decision to reduce the refinancing rate by 2 percentage to 36% per annum on 2 April 2012,” the NBRB said. The central bank is running a gradual rate reduction policy on the back of strong positive trends in the economy and monetary area of Belarus. Inflation has slowed down. Banks report a steady increase in ruble-denominated deposits, first of all, timed-fixed deposits. “The terms on bank ruble deposits for individuals still provide much higher returns compared with deposits in foreign currency and expected rate of inflation,” said the information department of the National Bank. Further dynamics of the refinancing rate will depend on the prevailing situation in the monetary area and the economy as a whole. This year the refinancing rate has been cut twice: from 45% to 43% per annum on 15 February and to 38% on 1 March.

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