15/10/2020  
Press release

The refinancing rate remains at the level of 7.75% per annum


The refinancing rate and interest rates on operations designed to regulate liquidity of the National Bank of the Republic of Belarus remain at the current level.

The relevant decisions were taken by the Board of the National Bank of the Republic of Belarus following the additional meeting on monetary policy on October 14, 2020.

Over the last months inflation has accelerated and reached the level which is higher than it was expected. In September 2020, the growth of consumer prices in the annual terms amounted to 6.1%. Such dynamics is mostly conditioned by the growth of prices for imported goods in connection with the weakening of the Belarusian ruble in August against the background of the increased demand for foreign exchange.

According to the estimates, consumer prices growth will total 6% by the end of 2020. With that, the depreciation of the Belarusian ruble will be responsible for a heightened inflationary background in the short-term period.

It is forecasted that lasting disinflationary factors will prevail in the middle term, which will contribute to the inflation’s returning down to the 5% target trajectory.

According to the schedule for 2020, the next meeting on monetary policy of the Board of the National Bank of the Republic of Belarus is planned for November 11, 2020.