21/12/2018  
Press release

The refinancing rate remains at the level of 10% per annum


The refinancing rate and the interest rates on the liquidity regulation transactions of the National Bank will remain at the current level. This decision was taken by the Board of the National Bank of the Republic of Belarus following the results of the meeting on the monetary policy carried out on December 19, 2018.

By the end of 2018, inflation will not exceed 5.5% with the target being no more than 6%.

The Belarusian economy development takes place under continued volatility of external environment. Temporary increase in inflationary pressure is observed from the side of the external sector primarily due to the acceleration of inflation in Russia.

Economic growth in Belarus is close to the equilibrium level. Monetary conditions are near the neutral rate.

At the beginning of 2019, temporary acceleration of inflation is forecast due to continued pressure from the market factors, as well as rising prices for imported goods and services. Gradual slowdown in inflation is expected as these effects are exhausted. At the end of 2019 – 2020, the inflation will be close to the target of 5%.

The temporary nature of inflationary factors and the moderate magnitude of current risks make it possible to maintain interest rates in the economy at the existing level.

The next meeting of the Board of the National Bank of the Republic of Belarus on the monetary policy is scheduled for February 6, 2019.

Press Release