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Belarus National bank raises refinancing rate to 40 percent

November 09, 2011, 20:00 UTC+3
Simultaneously, the bank’s Monetary Policy Committee decided to increase interest rates for cash management operations
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MINSK, November 9 (Itar-Tass) —— Belarus has increased refinancing rate by five percent points to 40 percent per annum.

The National Bank of Belarus established the refinancing rate at the level of 40 percent per annum starting from November 11, 2011. Simultaneously, the bank’s Monetary Policy Committee decided to increase interest rates for cash management operations.

“The above-mentioned steps of the National Bank are planned steps aimed at the curbing of inflation processes in the country and stabilising the situation in the economy and in the financial sector in general,” the bank’s official said.

These steps will make up possible to support the growth of the population deposits in banks, which was registered in the past months, as well as to stabilise the inflation expectations in the economy and become an additional factor for the strengthening of the equilibrium of the balance of payments.

According to preliminary estimates, Belarus’ inflation reached 89 percent in January-October 2011. Several experts are confident that the indicator may reach 118 percent by the end of the year.

Over 2011, this is already the eleventh increase of the refinancing rate. The first increase of the index became effective on March 16, before which the refinancing rate amounted to 10.5 percent. Previously, the refinancing rate was raised by five points to 35 percent on October 14.

 

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