National Bank to lower refinance rate to 9.5 percent

June 21, BPN. The National Bank’s board has announced its decision to lower the refinance rate from 9.75 to 9.5 percent on June 28. 

It will also lower the overnight loan rate from 10.75 to 10.5 percent and the overnight deposit rate, from 8.75 to 8.5 percent.

The central bank expects that consumer prices will not rise by more than five percent in 2023, citing a slowdown in inflation and “the continuing recovery of the Belarus’ economy.”

It estimated inflation risks as moderate amid money supply growth and a decreased reliance on foreign currencies.

In 2022, Alaksandr Łukašenka approved the key socio-economic development parameters projecting the refinance rate at 10-11 percent in 2023.

The refinance rate was lowered five times from 12 percent in January.