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Belarus' central bank expects inflation to accelerate in October, to stay below 5% by year-end

Economy 06.11.2019 | 16:23

MINSK, 6 November (BelTA) - Inflation may accelerate in October but will not exceed 5% by the end of the year, Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur told a press briefing in Minsk on 6 November, BelTA has learned.

“In October of this year, the consumer price index may exceed, in annual terms, the September figures due to the fruit and vegetable seasonal factor. This is a manifestation of the low base in fruit and vegetable prices in October 2018,” Pavel Kallaur said.

The monetary inflation slowdown observed for the past two quarters is projected to continue. The National Bank expects the inflation to hover around 5% by the end of 2019.

When deciding on interest rates, the National Bank analyzed both this year and next year. “Our inflation target in 2020 is 5%. We have assessed the impact of all possible factors that may come into play in 2020. All things taken into consideration, we believe that the consumer price growth will not exceed 5% by the end of the next year,” Pavel Kallaur said.

On 6 November, Belarus' National Bank decided to cut the refinancing rate from 9.5% down to 9%, the overnight lending rate from 10.75% to 10% per annum, and the overnight deposit rate from 8.25% to 8% per annum on 20 November.

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