Belarus’ National Bank names condition for lowering refinancing rate
06.04.2026
MINSK (
BelTA) – The National Bank of the Republic of Belarus believes a reduction in the refinancing rate is possible, provided that indicators point to a sustained slowdown in inflation, Chairman of the Board of the National Bank of Belarus Roman Golovchenko told journalists, BelTA reports.
“Inflation is one of the key indicators that we monitor and we take all necessary measures to keep it within the target range set by the presidential decree. At the beginning of the year, inflation is even lower than forecast: annual inflation stood at 5.6 % after two months, while after March it is expected to drop to 5.4 %. On a weekly basis, it has already fallen below 5 %. But, of course, the delayed increase in utility tariffs plays a certain role here,” said Roman Golovchenko.
A decision was recently made to raise fuel prices. “This is not unforeseen, as the decision was part of a scheduled increase under the annual tariff framework, and, of course, it reflects current developments in global energy markets. It will add somewhat to inflation, but we are not concerned; this, too, has been factored in. The broader trend still points to slowing inflation, and we see this across all components. What is also very important is that the inflation expectations of the population are moderating. That is a meaningful statistical indicator of how people experience their own cost of living,” noted the head of the National Bank.
“So far, the dynamics are positive. If they hold after the first quarter and our leading indicators show that this trend is long-term, then I do not rule out that we will consider lowering the refinancing rate, which in turn will have a positive effect on rates in the credit and deposit markets,” concluded Roman Golovchenko.
“Inflation is one of the key indicators that we monitor and we take all necessary measures to keep it within the target range set by the presidential decree. At the beginning of the year, inflation is even lower than forecast: annual inflation stood at 5.6 % after two months, while after March it is expected to drop to 5.4 %. On a weekly basis, it has already fallen below 5 %. But, of course, the delayed increase in utility tariffs plays a certain role here,” said Roman Golovchenko.
A decision was recently made to raise fuel prices. “This is not unforeseen, as the decision was part of a scheduled increase under the annual tariff framework, and, of course, it reflects current developments in global energy markets. It will add somewhat to inflation, but we are not concerned; this, too, has been factored in. The broader trend still points to slowing inflation, and we see this across all components. What is also very important is that the inflation expectations of the population are moderating. That is a meaningful statistical indicator of how people experience their own cost of living,” noted the head of the National Bank.
“So far, the dynamics are positive. If they hold after the first quarter and our leading indicators show that this trend is long-term, then I do not rule out that we will consider lowering the refinancing rate, which in turn will have a positive effect on rates in the credit and deposit markets,” concluded Roman Golovchenko.