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Refinancing rate in Belarus down to 38% p.a.

MINSK, 1 March (BelTA) - The National Bank of the Republic of Belarus (NBRB) cuts the refinancing rate to 38% per annum, BelTA learnt from the bank’s information department.

“Taking into account the recent tendencies in the national economy, its financial sector and future projections, the NBRB Board has taken a decision to decrease the refinancing rate to 38% per annum on 1 March 2012,” the bank informed.

According to the NBRB, tightening of the monetary policy last year including by increasing the interest rates helped stabilize the situation in the country and create conditions for macroeconomic recovery. As a result, inflation has considerably slowed down in the recent months.

The present upward trend in fixed-time household deposits points to an improving saving process in the economy and higher trust to the banking system, the bank stressed. Positive changes are seen in the foreign trade as well.

To keep monetary stability in the country the central bank intends to continue flexible interest rate policies, take a timely response to the changing situation in the foreign trade, the real sector of the economy and financial markets.