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Belarus National Bank to reduce refinancing rate to 24%

The National Bank of Belarus will reduce the refinancing rate by one point. From April 1, it will stand at 24% per annum. This is a very indicator for commercial banks when it comes to the percentage policy, loans and deposits.

Last time the refinancing rate changed on January 9, 2015. Then it was increased by 5% on the background of the late December 2014 turmoil in the financial market.

According to the National Bank, the decision was based on an analysis of existing risks.

Taras Nadolny, first deputy chairman of the Board of the National Bank of the Republic of Belarus:
We are talking today about how to smoothly and gradually ensure the availability of loans because the pace of credit growth in the economy is low enough. We would like to create incentives for economic growth, for the availability of loans. So we are even talking about lowering interest rates. This will affect both loans and deposits.

Belarus National Bank to reduce refinancing rate to 24%