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02 May 2023, 09:00

Belarus' refinancing rate down to 10%

MINSK, 2 May (BelTA) – The National Bank of Belarus cut down the refinancing rate to 10% per annum on 2 May 2023. The decision was made by the Board of the National Bank following a meeting on monetary policy, BelTA learned from the National Bank.

According to the central bank, the interest rate on overnight loans decreased from 11.5% to 11%, with the interest rate on overnight deposits down from 9.5% to 9% per annum.

The inflationary processes continue to slow down. “As expected, due to the high base effect of last year, the annual increase in consumer prices decreased to 6% in March 2023 as against 11.7% a month prior. Trend inflation fell to 6%, down from 8.9% a month earlier. Monthly growth rates of prices in the consumer market are expected to remain low, which will contribute towards a slowdown in the annual inflation in the coming months,” the bank said.

While making decisions on the refinancing rate in the future, the National Bank will take into account the actual and expected inflation rates, internal and external risks and the reaction of financial markets to them.

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