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Belarus to raise refinancing rate to 30% p.a. on 14 September

MINSK, 12 September (BelTA) – The National Bank of Belarus is set to increase the rate of refinancing by three percentage points to 30% per annum on 14 September, BelTA learnt from the information department of the National Bank.

“The move is made in the run-up to the additional session of the Belarusian Currency and Stock Exchange and is an essential part of the economic policy to stabilize the situation on the currency market and improve the economic environment in general,” the bank explained.

The National Bank believes that a gradual increase in the cost of loans “will further curb the demand for bank loans until the balanced exchange rate is achieved”. At the same time, the increase in the refinancing rate is viewed as an additional instrument to encourage saving in Belarusian rubles and ease the pressure on the exchange rate.

“The National Bank will proceed with its consistent policy coordinated with the government to stabilize the economic and financial situation in the country,” the National Bank informed.