February 15, 2012, the refinancing rate was reduced in Belarus - from 45 to 43% per annum. The corresponding regulation is enshrined the decree №35 of the National Bank, signed on February 7.
As the National Bank reported, further reduction of the refinancing rate is possible in case of strengthening of positive trends in the monetary sector and the economy as a whole.
The decision of the National Bank to lower the refinancing rate was influenced by sustainable positive trends in economic and monetary developments, recently observed in Belarus, as well as the inflation slowdown and the rising consumer prices.
"As a result of increasing supply of foreign currency, the Belarusian ruble rate remains stable on the domestic fx market. There has been a steady growth in ruble deposits in banks, primarily, time deposits", noted in the National Bank.
According to the experts of the country's main economic regulator, the reduction of the refinancing rate will ease the burden on borrowers' credit.
"The conditions on the ruble deposits, proposed by banks to the population, will still provide substantially higher returns than deposits in foreign currency and the expected rate of inflation", assured the National Bank.
Meanwhile, the refinancing rate has been lowered for the first time since September 2010. It grew more than fourfold last year - from 10.5% in January to 45% in December. Interest rates on bank liquidity support operations rose from 16% early in the year to 70% per annum in December 2011.
