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Belarus' central bank to review refinancing rate in December 2018

Economy 23.10.2018 | 13:50
Belarus' central bank
Belarus' central bank

MINSK, 23 October (BelTA) – The National Bank of Belarus will review the refinancing rate at the end of December this year, Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Dmitry Kalechits said at the international forum on information technologies in banking industry BankIT 2018 on 23 October, BelTA learned.

In September the National Bank kept the refinancing rate unchanged, at 10% per annum. “So far we do not anticipate any changes,” Dmitry Kalechits said when asked about a possible change in the refinancing rate. This issue will be reviewed routinely at the quarterly meeting of the Board of the National Bank, which will take place on 19 December. According to him, the National Bank will continue to adhere to a neutral monetary policy. “According to our estimates, the current refinancing rate creates the conditions for achieving price stability on the one hand and, on the other, supports normal business activity,” Dmitry Kalechits said.

Taking into account all the risks in the external economy and the steps already taken, the National Bank expects the inflation at about 5.5%. Thus, the target not to exceed 6% will be met, he noted.

Dmitry Kalechits also confirmed that in 2019 the inflation is expected to slow down to 5%. “The forecast documents for next year have been drawn up. De facto they take into account all possible risks and scenarios for development of the international economy and Belarusian economy. The inflation is projected at 5%. We expect that the tools and mechanisms at the disposal of the government and the National Bank will help us achieve this goal,” he added.

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