The National Bank of Belarus will raise the refinancing rate by 0.25 percentage points up to 10.5% on August 13, BelTA learnt from the information department of the National Bank.
According to the Bank, this decision is aimed at raising the yield of deposits in the national currency, fostering the growth of deposits of businesses and households as well as balancing the financial market taking into consideration internal and external factors.
By lifting the refinancing rate and the interest rate, the National Bank intends to encourage the influx of savings which will help expand the resources base and meet the demand of businesses and households for banking services.
The National Bank will further maintain the interest rates that encourage bank deposits.
By the end of the year the refinancing rate of the National Bank of the Republic of Belarus may reach 11-14%. The figures are specified by draft Major Monetary Management Guidelines for 2009. The calculations were made taking into account the expected increase of around 14% in consumer prices in 2008 according to assessments of the Economy Ministry.
Written by belta.by
