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Refinancing rate in Belarus down to 10.5%

Economy 14.02.2018 | 10:18

MINSK, 14 February (BelTA) – Belarus' key lending rate was reduced to 10.5% per annum on 14 February, BelTA learned from the NBRB Information and PR Office.

The interest rate on standing and bilateral operations designed to keep up the current liquidity of Belarusian banks were reduced from 12% to 11.75% per annum.

Inflation in Belarus went down from 10.6% in 2016 to 4.6% in 2017. The major contribution to slowing down the consumer price growth was the core inflation that went down to 2.5% in 2017 (10% in 2016). It is projected that in the coming months the consumer price growth will stay within 5% year on year.

The factors of the demand, such as the Belarusian economy recovery and higher expenditure on final consumption, attributed to the growth of people's incomes, do not put pressure on inflation. Lower inflation rates in the countries that are the main trading partners of Belarus restrict the growth of domestic prices. The risks of accelerating inflation from external factors are estimated as low.

The dynamics of the average broad money supply is formed within the trajectory corresponding to the projections for 2018. In the coming months, its annual growth rate is expected to accelerate, which is due to the low base effect of the previous year.

“Further decisions on changing the interest rates will depend on the correspondence of inflation to its forecast trajectory, the economic and monetary situation, and also inflation risks which deter the achievement of the mid-term inflation goal,” the National Bank said.

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