The National Bank of Belarus (NBB) will reduce its benchmark interest rate by 1 percentage point (pp) to 13% on June 14, the regulator said on May 31.
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.
According to official data, inflation in Belarus stood at 6.3% year-on-year (vs 10.6% in December 2016) in April, while core inflation - at 6% y/y (vs 10% in December).
The interest rate on standing and bilateral operations designed to keep up the current liquidity of Belarusian banks was reduced from 17% to 15% per annum, while the rates on standing liquidity absorption transactions - from 9% to 8% per annum.
In April, the NBB reduced its benchmark interest rate by 1 pp to 14%. The regulator says a further cut was possible due to the positive dynamics of inflation, as well as favourable trends in the foreign exchange and deposit markets.
Belarusian Foreign Minister Maksim Ryzhenkov arrived in Zimbabwe on 15 April for a working visit aimed at deepening trade and technological cooperation with the African nation, Belta reported on ... more
The Belarusian election circus is in town. With the country due to go to the polls on January 26, incumbent Belarus President Alexander Lukashenko is a shoo-in to win his seventh term as leader of ... more
Russian President Vladimir Putin on his May 26-27 visit to Tashkent stressed potential mutual gains that would stem from Uzbekistan joining the Moscow-led Eurasian Economic Union (EEU), but also ... more