UPDATED: Belarus central bank cuts key rate to 8%

UPDATED: Belarus central bank cuts key rate to 8%
The National Bank of Belarus will cut its refinancing rate from the current level of 8.75% per annum to 8%.
By bne IntelliNews May 13, 2020

The National Bank of Belarus (NBB) will cut its refinancing rate from the current level of 8.75% per annum to 8% from May 20, the regulator said in statement on May 13.

The rate on overnight credit will be reduced from 9.75% to 9% per annum and that on overnight deposits from 7.75% to 7% per annum.

The next meeting on monetary policy of the NBB's board is planned for August 12, the statement reads.

Consumer prices in Belarus grew by 0.6% month on month in April, and 3.3% as against December 2019, according to the nation's statistics service Belstat.

On May 13, the NBB's governor Pavel Kallaur said that the regulator forecsts the inflation rate to be within 5-6% by the year-end. The inflation rate was expected to hover around 5% at the end of 2019 and during 2020, according to the central bank's January's statements.

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