Press release

Refinance rate is decreased down to 9% per annum since November 20

Since November 20, 2019 refinance rate is decreased from 9.5% down to 9% per annum, overnight credit rate – from 10.75 to 10% per annum, overnight deposit rate – from 8,25 to 8% per annum.

Corresponding decisions were taken by the Board of the National Bank of the Republic of Belarus follow-up to the meeting on monetary policy on November 6, 2019.

In the 2019 Q3, the intensity of inflation processes continued to slow down. The dynamics of actual annual inflation, which in September 2019 amounted to 5.3 percent, is formed in accordance with the forecast estimates of the National Bank. At the end of 2019 and during 2020, inflation is expected to be near 5 percent.

The decisions taken ensure the preservation of a neutral nature of monetary policy.

The indicated reduction in interest rates on loans and overnight deposits will narrow the band of interest rates on instruments for regulating bank liquidity to 2 percentage points. Subsequently, these rates will change simultaneously with the refinancing rate by an appropriate amount.

The next meeting of the Board of the National Bank of the Republic of Belarus on monetary policy is scheduled for February 12, 2020.