Belarus lowers refinancing rate by 0.25 pp to 7.75% per annum Jul 1, 2020
<p> MINSK, Jul 1 - PrimePress. The National Bank of Belarus (NBB) lowered the refinancing rate on July 1, 2020 by 0.25% percentage points to 7.75% per annum; overnight loan and deposit rates – by 0.25 percentage points to 8.75% per annum and 6.75% per annum, respectively. </p> <p> </p> <p> According to the National Bank, this is done taking into account the slowdown in inflation: consumer prices grew by 4.9% in annual terms in May 2020 against 5.4% in April 2020. The annual core inflation rate slowed down to 3.9% from 4.5% in April 2020. </p> <p> </p> <p> The National Bank also points at the restraining effect of disinflationary factors, which has been greater that projected. Inflation processes in Belarus’ partner countries have been decelerating faster. Against this backdrop, foreign central banks are actively reducing their key rates. </p> <p> </p> <p> The NBB continues easing the monetary policy. “Maintaining moderately mild terms of the monetary policy helps remain at an acceptable level of the price and financial stability,” the bank says. </p> <p> </p> <p> As reported, at the meeting on measures to support the real sector of the economy held on June 19, President of Belarus Alexander Lukashenko demanded that the National Bank relax its monetary policy, ensure growth in lending to the economy and reduce the cost of credits. He instructed Chairman of the Board of the National Bank Pavel Kallaur to lower the refinancing rate before July. </p> <p> </p> <p> Previously, the NBB lowered the refinancing rate on February 19, 2020 by 0.25 percentage points to 8.75% per annum and on May 20, 2020 by 0.75 percentage points to 8% per annum. End </p>
2020-07-02
Primepress
Belarus lowers refinancing rate by 0.25 pp to 7.75% per annum Jul 1, 2020
MINSK, Jul 1 - PrimePress. The National Bank of Belarus (NBB) lowered the refinancing rate on July 1, 2020 by 0.25% percentage points to 7.75% per annum; overnight loan and deposit rates – by 0.25 percentage points to 8.75% per annum and 6.75% per annum, respectively.
According to the National Bank, this is done taking into account the slowdown in inflation: consumer prices grew by 4.9% in annual terms in May 2020 against 5.4% in April 2020. The annual core inflation rate slowed down to 3.9% from 4.5% in April 2020.
The National Bank also points at the restraining effect of disinflationary factors, which has been greater that projected. Inflation processes in Belarus’ partner countries have been decelerating faster. Against this backdrop, foreign central banks are actively reducing their key rates.
The NBB continues easing the monetary policy. “Maintaining moderately mild terms of the monetary policy helps remain at an acceptable level of the price and financial stability,” the bank says.
As reported, at the meeting on measures to support the real sector of the economy held on June 19, President of Belarus Alexander Lukashenko demanded that the National Bank relax its monetary policy, ensure growth in lending to the economy and reduce the cost of credits. He instructed Chairman of the Board of the National Bank Pavel Kallaur to lower the refinancing rate before July.
Previously, the NBB lowered the refinancing rate on February 19, 2020 by 0.25 percentage points to 8.75% per annum and on May 20, 2020 by 0.75 percentage points to 8% per annum. End