08/02/2019  
Press release

Refinance rate and overnight credit rate remain at the current level, overnight deposit rate is increased up to 8.5% per annum since February 13


Refinance rate and overnight credit rate remain at the level of 10% and 11.5% per annum respectively, overnight deposit rate is increased up to 8.5% per annum since February 13, 2019.

The given decisions were taken by the Board of the National Bank of the Republic of Belarus as a result of meeting on monetary policy issues held on February 6, 2019.

Predominance of factors ensuring attainment of target inflation parameter for 2019 without changing the character of monetary conditions contributed to remaining refinance rate and overnight credit rate against the background of uncertainty of external conditions of economy development.

Increase of the rate on standing facilities of banks’ liquidity withdrawal is implemented within the framework of consistent work to decrease volatility of interest rates in the credit and deposit market and will make it possible to strengthen the significance of refinance rate in transmission mechanism of monetary policy.

Further decisions in the sphere of key interest rates of the National Bank will depend on the direction of balance shifting between inflation and deflation factors.

The next meeting on monetary policy of the Board of the National Bank of the Republic of Belarus is planned for May 3, 2019.