The refinancing rate remains at the level of 10% 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 decision was taken by the Board of the National Bank of the Republic of Belarus following the meeting on monetary policy on May 3, 2019.
In fact, in 2019 Q1, the intensity of inflation processes increased slightly. The annual growth in consumer prices in March 2019 amounted to 5.8% (5.6% in December 2018). Such price dynamics is mainly due to short-term factors.
The maintenance of refinancing rate at the current level will contribute to slowing down inflation processes and achieving the set inflation target for 2019 amid the uncertainty of the influence of a number of internal and external factors on inflationary processes.
Further decisions in the field of key interest rates of the National Bank will depend on the direction of the balance shift between inflationary and deflationary factors.
The next meeting on monetary policy of the Board of the National Bank of the Republic of Belarus is planned for August 7, 2019.