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Dynamics of the Average Refinance Rate of the National Bank of the Republic of Belarus*

Period	2015	2016	2017	2018	2019
January	23.71	25	17.55	11	10
February	25	25	16.5	10.73	10
January – February	24.32	25	17.05	10.87	10
March	25	25	15.45	10.5	10
January – March	24.56	25	16.5	10.74	10
April	25	24	14.6	10.5	10
January – April	24.67	24.75	16.03	10.68	10
May	25	22	14	10.5	10
January – May	24.74	24.19	15.61	10.65	10
June	25	22	13.43	10.43	10
April – June	25	22.66	14.01	10.48	10
January – June	24.78	23.83	15.25	10.61	10
July	25	20	12.58	10	10
January – July	24.81	23.27	14.86	10.52	10
August	25	19.03	12	10
January – August	24.84	22.73	14.49	10.45
September	25	18	11.7	10
July – September	25	19.02	12.1	10
January – September	24.85	22.22	14.19	10.4
October	25	18	11.27	10
January – October	24.87	21.79	13.89	10.36
November	25	18	11	10
January – November	24.88	21.45	13.63	10.33
December	25	18	11	10
October – December	25	18	11.09	10
January – December	24.89	21.16	13.41	10.3

* Calculated as average arithmetic weighted value (over the duration period – the calendar number of days).