MINSK, 19 April (BelTA) – The National Bank of the Republic of Belarus (NBRB) does not rule out further reduction of the country's refinancing rate this year, First Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Taras Nadolny told the media on 19 April, BelTA has learned.
Taras Nadolny said that the National Bank planned to reduce its refinancing rate to 14-17% in 2017. “We are still within this corridor, even on its lower boundary. We will see what inflation we have. The current situation allows us to revise the issue throughout the year. Perhaps, more steps will be made to further reduce the rate,” he said.
The refinancing rate of the National Bank of the Republic of Belarus (NBRB) was reduced from 15% to 14% per annum on 19 April. This is the fourth time the refinancing rate has been revised downward since the start of 2017. Previously, it was reduced from 18% to 17% on 18 January, from 17% to 16% on 15 February, and from 16% to 15% on 15 March.
The central bank decided to reduce the refinancing rate after a review of the current status of the monetary policy, the economy and the forecast for 2017. “Inflation continues to decline, and its slowdown comes at a greater pace than it was previously expected. This tendency is mainly attributed to a weaker inflation pressure from fundamental and monetary factors,” the National Bank said.
