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NBRB's refinancing rate at 20% as from 13 August

MINSK (BelTA) – On 13 August 2014, the refinancing rate of the National Bank will be reduced by 0.5% to 20% per annum, BelTA learned from the National Bank of the Republic of Belarus (NBRB).

The Board of the National Bank took the decision to lower the refinancing rate as the favorable trends in the monetary sphere continued in July. Supply of foreign currency exceeds demand on the domestic currency market. There has been an influx of ruble deposits in banks.

"Despite the expected decline in interest rates on the credit and deposit market due to the lower refinancing rate, the rate of return on the ruble deposits will continue to exceed the yield of deposits in foreign currency and will ensure reliable protection of savings from inflation," the National Bank said.

The last time the refinancing rate was reduced in Belarus was on 16 July when the National Bank cut the key rate by 1% to 20.5% per annum.

This is the fourth time the rate of refinance has been reduced in Belarus this year.