The National Bank of the Republic of Belarus (NBRB) will reduce the
refinancing rate from 17% to 16% per annum on 15 February, BelTA learned
from the NBRB Information and PR Office.
On 15 February the National Bank will reduce the interest rate on
standing and bilateral operations designed to keep up the current
liquidity of Belarusian banks was reduced from 22% to 20% per annum.
The Board and the Monetary Policy Committee at the National Bank
adopted these decisions proceeding from the consumer price dynamics, the
analysis of the situation on the currency and deposit markets, foreign
trade and balance of payments. Inflation continues to slow down. The
consumer price index increased by 10.6% in December 2016 as against
December 2015 (below the target of 12%). The consumer price increase is
expected at 9.6% in January in annual terms and at around 9% in
February-March,” the NBRB said.
The monetary factors continue to exert the major influence on the
inflation. Average broad money supply increased by 0.3% in January 2017
as against January 2016, which corresponds to the evolving macroeconomic
conditions.
The domestic currency market is characterized by the net foreign
currency supply, mainly due to the sale of foreign currency by
individuals. “In the business segment the currency supply and demand are
balanced reflecting the trends in foreign trade. In general, these
factors create the conditions for stability of the exchange rate of the
Belarusian ruble. In the domestic deposit market, retail
ruble-denominated deposits continue increasing. The share of new
irrevocable deposits is growing in the structure of deposits,” the
central bank said.
The last time the National Bank cut down the refinancing rate was on 18 January: from 18% to 17% per annum.
Written by belta.by
