08.02.2012
NBRB to reduce refinancing rate to 43% p.a. 15 February
MINSK, 8 February (BelTA) – The rate of refinancing rate in Belarus will be cut down by 2% to 43% per annum on 15 February, BelTA learnt from the information department of the National Bank of the Republic of Belarus (NBRB).
Such a decision is spelled out in Resolution No.35 of the Board of the National Bank of Belarus dated 7 February 2012.
“Reducing the refinancing rate will lower the credit burden on borrowers. The terms on bank ruble deposits for individuals still provide much higher returns compared with deposits in foreign currency and expected rate of inflation,” said the information department of the National Bank.
Further dynamics of the refinancing rate will depend on the prevailing situation in the monetary area and the economy as a whole.
“In recent months we have seen strong positive trends in the economy and monetary area of Belarus,” underlined the information department of the National Bank. Inflation has slowed down. The growth of consumer prices declined to about 2% per month in December-January 2011. As a result of an increase in the supply of foreign currency on the domestic currency market, the exchange rate of the Belarusian ruble remain stable. Banks report a steady increase in ruble-denominated deposits, first of all, timed-fixed deposits.
“As the positive trends get more pronounced, the National Bank will continue reducing the refinancing rate,” said the information department of the National Bank.
Such a decision is spelled out in Resolution No.35 of the Board of the National Bank of Belarus dated 7 February 2012.
“Reducing the refinancing rate will lower the credit burden on borrowers. The terms on bank ruble deposits for individuals still provide much higher returns compared with deposits in foreign currency and expected rate of inflation,” said the information department of the National Bank.
Further dynamics of the refinancing rate will depend on the prevailing situation in the monetary area and the economy as a whole.
“In recent months we have seen strong positive trends in the economy and monetary area of Belarus,” underlined the information department of the National Bank. Inflation has slowed down. The growth of consumer prices declined to about 2% per month in December-January 2011. As a result of an increase in the supply of foreign currency on the domestic currency market, the exchange rate of the Belarusian ruble remain stable. Banks report a steady increase in ruble-denominated deposits, first of all, timed-fixed deposits.
“As the positive trends get more pronounced, the National Bank will continue reducing the refinancing rate,” said the information department of the National Bank.