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Key interest rate in Belarus unchanged after quarterly review

Economy 14.03.2018 | 17:27
The National Bank of the Republic of Belarus (NBRB). An archive photo
The National Bank of the Republic of Belarus (NBRB). An archive photo

MINSK, 14 March (BelTA) – The refinancing rate in Belarus will stay at 10.5% per annum, representatives of the Information and Public Relations Office of the National Bank of the Republic of Belarus (NBRB) told BelTA.

The NBRB refinancing rate and interest rates designed to regulate liquidity will remain unchanged after the board of Belarus' central bank made the relevant decision at the quarterly session held on 14 March 2018 to discuss monetary management, the current situation, and economy development forecasts.

The source underlined that inflation stays on the predicted track. In February 2018 consumer prices rose by 4.9% year-on-year. Inflation is expected to stay close to 5% year-on-year in months to come.

Economic activity continues recovering. Disinflation influence of demand-side factors keeps falling primarily because salaries grow faster than labor productivity.

Meanwhile, Belarusian commercial entities still hold on to their high inflation expectations. Their level is above the targeted inflation figure.

In early 2018 the growth rate of the average broad money supply grew at the predicted rate — up to 18.4% year-on-year in February 2018.

Thus, the decision to keep the interest rates unchanged has been prompted by the advisability of keeping money and credit conditions neutral. The next quarterly meeting of the NBRB Board to discuss monetary management will take place on 20 June 2018, BelTA has been told.

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