Refinancing Rate

Valid since*	Value of refinancing rate, % per annum
2013
15/05/2013	25**
17/04/2013	27
13/03/2013	28.5
2012
12/09/2012	30
15/08/2012	30.5
18/07/2012	31
20/06/2012	32
16/05/2012	34
02/04/2012	36
01/03/2012	38
15/02/2012	43
2011
12/12/2011	45
11/11/2011	40
14/10/2011	35
14/09/2011	30
01/09/2011	27
17/08/2011	22
13/07/2011	20
22/06/2011	18
01/06/2011	16
18/05/2011	14
20/04/2011	13
16/03/2011	12
2010
15/09/2010	10.5
18/08/2010	11
14/07/2010	11.5
12/05/2010	12
19/04/2010	12.5
17/02/2010	13
2009
01/12/2009	13.5
08/01/2009	14
2008
17/12/2008	12
12/11/2008	11
15/10/2008	10.75
13/08/2008	10.5
01/07/2008	10.25
2007
01/10/2007	10
01/09/2007	10.25
01/08/2007	10.5
01/07/2007	10.75
01/02/2007	11
2006
01/12/2006	10
01/06/2006	10.5
2005
25/11/2005	11
20/07/2005	12
01/06/2005	13
05/05/2005	14
06/04/2005	15
10/03/2005	16
2004
20/09/2004	17
23/08/2004	18
19/07/2004	19
17/06/2004	20
17/05/2004	22
17/04/2004	23
17/03/2004	25
17/02/2004	27
2003
22/10/2003	28
22/09/2003	29
18/08/2003	30
17/07/2003	31
23/06/2003	33
21/05/2003	34
21/04/2003	35
21/03/2003	37

Valid since*	Value of refinancing rate, % per annum
2002
21/11/2002	38
21/10/2002	39
19/09/2002	40
19/08/2002	42
19/07/2002	44
17/06/2002	46
21/05/2002	50
15/04/2002	55
15/03/2002	60
15/01/2002	66
2001
21/09/2001	48
09/07/2001	50
21/06/2001	55
04/06/2001	60
21/05/2001	64
21/04/2001	68
21/03/2001	70
21/02/2001	75
2000
01/12/2000	80
14/09/2000	85
22/06/2000	90
22/05/2000	100
20/04/2000	110
28/03/2000	130
15/03/2000	150
21/02/2000	175
25/01/2000	150
10/01/2000	130
1999
14/12/1999	120
25/11/1999	110
01/04/1999	90
02/03/1999	82
20/01/1999	60
1998
01/12/1998	48
01/08/1998	38
07/05/1998	40
01/04/1998	44
19/02/1998	50
1997
01/12/1997	40
20/09/1997	36
20/08/1997	38
25/02/1997	42
1996
02/09/1996	35
21/03/1996	55
1995
21/08/1995	66
21/06/1995	96
22/05/1995	144
05/05/1995	180
21/02/1995	300
1994
20/12/1994	480
10/10/1994	300
1993
10/11/1993	210
15/10/1993	180
12/08/1993	170
20/07/1993	140
10/07/1993	120
01/06/1993	100
20/04/1993	70
10/03/1993	60
1992
15/06/1992	30
28/01/1992	20
1991
01/07/1991	12

The refinance rate is the rate of the National Bank of the Republic of Belarus which is a basic instrument of the interest rates level regulation in the money market and a basis for setting interest rates on the operations involving liquidity provision to banks.

* Later value of refinancing rate cancels the previous one.

** Currently in force.