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Refinancing rate in Belarus up to 45% p.a.

MINSK, 12 December (BelTA) – Today the National Bank of the Republic of Belarus (NBRB) increases the refinancing rate from 40% to 45% per annum. Relevant resolution No. 564 was adopted by the Board of the National Bank on 6 December 2011, BelTA learned from the NBRB information department.

Simultaneously the Monetary Policy Committee of the National Bank decided to raise interest rates for liquidity management operations to 70% per annum.

According to the NBRB information department, another increase in the refinancing rate and liquidity management rates is meant to curb inflation and stabilize the economic situation. This move is expected to maintain the growth in fixed-term household deposits in Belarusian rubles, play down inflation expectations and improve the balance of payments.

The refinancing rate was last revised upward from 35% to 40% per annum on 11 November. The interest rates for liquidity management operations were increased to 65% per annum on 25 November.