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Belarus' central bank to reduce refinancing rate to 9% on 20 November

06.11.2019

Belarus' National Bank will cut the refinancing rate down to 9% on 20 November. The overnight lending rate will shrink from 10.75% to 10% per annum. The overnight deposit rate will be decreased from 8.25% to 8% per annum, BelTA has learned from the information and public relations department of the National Bank of Belarus.

In Q3 the inflationary processes continued to slow down. The dynamics of the actual annual inflation, which was running at 5.3% in September, is in compliance with the National Bank's projections. The inflation is expected to hover around 5% at the end of 2019 and during 2020 “The latest decisions are designed to maintain the neutrality of the monetary policy,” the National Bank noted. 

The reduction in overnight credit and overnight deposit rates will narrow the interest rate collar on instruments designed to regulate banks' liquidity to 2%. In the future these rates will change alongside the refinancing rate by a corresponding amount, the National Bank explained. The next session of the Board of the National Bank to discuss monetary management policy is scheduled for 12 February 2020.