Belarus central bank to cut key rate by 1 pp to 12% in July

By bne IntelliNews June 28, 2017

The National Bank of Belarus (NBB) will reduce its benchmark interest rate by 1 percentage point (pp) to 12% on July 19, the regulator said on June 28.

The central bank attributed the move to the fact that inflation remains low in the country, estimated in June at 6.2% in in annual terms, while core inflation will be at about 5.3% in annual terms. A moderate growth rate of the money supply, positive changes in the balance of payments, and the stability of the currency market add to these positive tendency, according to the NBB.

The interest rate on standing and bilateral operations designed to keep up the current liquidity of Belarusian banks will reduce from 15% to 14% per annum, the central bank said.

On June 14, the NBB reduced its benchmark interest rate by 1 pp to 13%. The central bank attributed the move to "positive trends in the economy, increasing its external stability, strengthening the stability in the monetary and credit sphere". Specifically, the NBB forecasts an increase in consumer prices to a level "slightly above" 6% in annual terms in the coming months.

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