The National Bank of Belarus raises the refinancing rate to 30%

On September 14 ,2011 the board of the National Bank of Belarus adopted the decision to raise the refinancing rate from 27 to 30% per annum.

"The move is made in the run-up to the additional session of the Belarusian Currency and Stock Exchange and is an essential part of the economic policy to stabilize the situation on the currency market and improve the economic environment in general", said in a press release of the National Bank.

"A gradual increase in the cost of loans will further curb the demand for bank loans until the balanced exchange rate is achieved. At the same time, the increase in the refinancing rate is viewed as an additional instrument to encourage saving in Belarusian rubles and ease the pressure on the exchange rate", notes the National bank.

The previous increase in the rate from 22 to 27% per annum has been made from September 1 this year. This is the ninth rate increase in this year from 10.5 percent at the beginning of the year.