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On July 19 the refinance rate will amount to 12% per annum

The Board of the National Bank of the Republic of Belarus made a decision to reduce the refinance rate on July 19, 2017 from 13% to 12% per annum and the interest rates on standing and bilateral transactions designed to maintain banks’ liquidity – from 15% to 14% per annum.

The given decision was taken at the quarterly meeting of the Board of the National Bank of Republic of Belarus on the issues of estimates and tendencies forecast in the economy, external sector and monetary sphere with account of strengthening positive tendencies in the economy.

Inflation is still at the low level. According to the estimate, it will amount to around 6.2% per annum in June 2017. With that, the homogenous dynamics of the inflation on commodity groups is observed, which gives evidence of the increase in its slowdown sustainability. Another proof is the dynamics of the core inflation, which is estimated at the level of about 5.3% per annum in June 2017.

Moderate rates of money supply growth, positive changes in the balance of payments equilibrium and sustainability of the foreign exchange market were conducive to maintenance of the given trends.

In June 2017, growth in average broad money supply will stay at the level of 5% per annum. Net supply of foreign exchange, preserving in the domestic foreign exchange market, has a positive influence on the level of gold and foreign exchange reserves and ensures stability of the exchange rate of the Belarusian ruble.

With that, slowdown of the inflation expectations continues, which will positively reflect in the intensity of the price growth in the nearest months. Possibilities of further reduction of the interest rates in the economy will depend on the sustainability of the inflation risks decrease.