On Friday the governing board of the National Bank of Belarus (NBB) made a decision to raise the refinancing rate to 5 percentage points till 27% per annum from September 1, a source in banking circles has informed the agency Interfax-West.
As reported, on August 17 the NBB raised the refinancing rate from 20% to 22% per annum.
For the first time in this year from March 16 BNB raised the rate to 12% from 10.5% per annum. The previous value of the refinancing rate has effected from September 15, 2010. Last year, the NBB reduced the refinancing rate for 6 times, each time by 0.5 percentage points.
The rate increase on September 1 will become the eighth in this year. Earlier this year the NBB allowed a one-time rate increase of 1-2 percentage points.
In January-July 2011 inflation in Belarus amounted to 41%.
