Belarus central bank cuts key rate to 24%

By bne IntelliNews April 1, 2016

The National Bank of Belarus (NBB) reduced its refinancing rate by 1 percentage point to 24% per annum on April 1.

According to the regulator, the move is a part of efforts aimed specifically at a "reduction of the amount of risk premium in the value of credits, as well as ensuing from analysis of current risks". The NBB said it will continue its policy designed to reduce the amount of risk premium in the ruble credits value within the first half of the year.

At the same time, further concrete measures in this area will be implemented based on the analysis of the current macroeconomic risks and impact of decision already taken on the economy, the NBB underlined.

The country remains wracked by the economic slowdown in neighbouring Russia, its key trading partner. The GDP of Belarus dropped 4% y/y in January-February, while industrial output declined by 5.6%.

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