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Belarus' central bank plans to reduce refinancing rate in 2023

MINSK ( BelTA) – With the conditions being favorable, the National Bank will cut gradually the refinancing rate, First Deputy Chairman of the Board of the National Bank Sergei Kalechits said as he spoke at the expanded meeting of the Board of the National Bank, BelTA has learned.

"As inflation slows down, in the absence of new shocks, we will gradually reduce the refinancing rate. The first step has already been taken. On 23 January 2023, it was cut down by 50 basis points to 11.5 % per annum. The refinancing rate is projected at around 10-11 % per annum in 2023," Sergei Kalechits noted.

In 2023, the National Bank will focus on maintaining the interest rates in the economy at a positive level in real terms, which is a necessary condition for keeping savings in the national currency attractive and for forming sources for lending to the economy.

"The interest rate policy of the National Bank contributes not only to restraining the inflation but also to maintaining the stability on the foreign exchange and deposit markets, the most important components of financial stability in the country," Sergei Kalechits said.