National Bank of Belarus makes 7th key rate cut this year

The National Bank of Belarus (NBB) made 7th cut this year its key rates to 11.5%

By bne IntelliNews September 14, 2017

The National Bank of Belarus (NBB) cut its key rate to 11.5% on August 13, the seventh cut in a row, as the regulator continues its easing policy.

The cut was facilitated by the steady reduction in inflation in Belarus, but the outlook for inflation is mixed, partly because of plans to increase the average income by a third.

The interest rate on standing and bilateral operations designed to keep up the current liquidity of Belarusian banks was reduced from 14% to 13% a year ago. The monetary policy rate has fallen from a high of 18% in January, BelTA reports.

According to Belstat, July 2017 was marked by deflation, which led to a 0.1% decrease in consumer prices. But since early 2017, prices have increased by 3.3%.

An increase in tariffs for utility services is on the way. Due to the increase in the labour cost at enterprises amid pay rises, prices for food products and some non-food products are likely to increase. Modernisation of the country’s refinery requires additional funds, which would also lead to an increase in petrol prices.

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National Bank of Belarus makes 7th key rate cut this year

Related Content

Data

Fall in debt in local currency terms came despite significant government deficit in Q1, indicating a certain depletion of the government’s buffer.

Belarus' GDP grew by 4.7% y/y in January-May, following 4.8% y/y growth in January-April and a 5.1% y/y growth in January-March, the national statistics agency Belstat reported on June 15.

EU countries accounted for the largest share of the total, at $44.3mn, though Russia remained by far the single largest source of money.

Amid the country's currency collapse, it reached the highest level recorded since March 2015.

Rate of growth edges ahead of March's 7.7%.

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