The refinancing rate will go down from 8% to 7.75% on 1 July. The overnight lending rate will be cut from 9% to 8.75% per annum and the overnight deposit rate – from 7% to 6.75% per annum. These decisions were made by the Board of the National Bank of the Republic of Belarus (NBRB) following the meeting on the monetary policy on 22 June, BelTA has learned from the NBRB information and public relations department.
“The inflation is slowing down faster than we expected. In May, the growth in consumer prices came at 4.9% year-on-year, while in April it was at 5.4%. The year-on-year core inflation slowed down to 3.9% (4.5% in April 2020),” the NBRB noted.
The influence of disinflationary factors has been greater that projected. Inflation processes in Belarus' partner countries have been decelerating faster. In view of this, foreign central banks are actively reducing their key rates.
The NBRB continues easing the monetary policy. “Maintaining moderately mild terms of the monetary policy helps remain at an acceptable level of the price and financial stability,” the NBRB representatives believe.
