Loans for Belarusians to become cheaper, but not for much


On January 18, the National Bank of Belarus will bring down the refinancing rate to 17%. This means that private banks will borrow money at a lower rate, so for ordinary Belarusians loans will also become cheaper.

Now refinancing rate is 18%. For ordinary Belarusians, this means that loans will become more affordable. But only 1% cheaper. For example, since last year, the European Central Bank refinancing rate has been 0.0%, in the US – from 0.25% to 0.5%, in Denmark – 0.05%, in the UK – 0.50%.

“The possibilities of further reduction in interest rates by the National Bank will be determined by a steadiness of the decline in the growth rate of consumer prices in relation to their actual growth forecast and the balance of payments of the Republic of Belarus”.

Recall

In December 2011, the refinancing rate was 45%

In February of 2012 – 43%

In May of 2012 – 34%

To read more about the changes, visit the website of the National Bank of Belarus.

 

TWITTER