The National Bank of the Republic of Belarus (NBRB) will reduce the refinancing rate from 16% to 15% per annum on 15 March.
This means that private banks will borrow money at a lower rate, so for ordinary Belarusians loans will also become cheaper.
The National Bank said that this decision was possible thanks to the slowdown in inflation and also the positive trends in the currency and deposit markets.
“Inflation continues to decline, and its slowdown comes at a greater pace than it was previously expected,” the National Bank press service says.
If inflation shows further decline and the positive trends in the foreign exchange and deposit markets persist, the National Bank will continue its policy towards reducing the interest rates in the coming months.
This is the third time that Belarus’ central bank has reduced the refinancing rate since the start of the year. On 18 January the rate was cut down from 18% to 17% per annum, on 15 February from 17% to 16% per annum.
Belsat.eu, following BelTA