Belarus’ central bank to consider lowering refinancing rate in June

MINSK, 7 May (BelTA) - The National Bank is considering lowering the refinancing rate in Belarus in June, Dmitry Murin, Head of the Monetary Policy and Economic Analysis Directorate at the National Bank, told the media, BelTA has learned.

The board of the Belarusian central bank discussed the results of the monetary policy in the first quarter of this year at a meeting on 7 May.

Dmitry Murin noted that the inflation is slowing down in the country, which provides additional arguments in favor of lowering the interest rates in the market.

“Moreover, we see that the fundamental economic factors that previously had a strong pro-inflationary impact both domestically and from abroad (primarily imported inflation) are gradually weakening. All this increases the likelihood that the board will consider a decision to reduce the refinancing rate in the coming months,” Dmitry Murin said.

The next meeting of the board is due in June.

Dmitry Murin noted that the refinancing rate might be reduced either by 0.25% or 0.5%. Such a decision would give an additional impetus for lowering interest rates on the credit and deposit market.

"We are already observing a gradual downward trend in interest rates, primarily on loans to corporate clients,” Dmitry Murin added.