Refinancing rate in Belarus to be at about 10% in 2018

Refinancing rate in Belarus to be at about 10% in 2018

By the end of 2018, the refinancing rate in Belarus may drop to 9.5-10.5%, said head of the Main Department for Monetary Policy and Economic Analysis of the National Bank Dmitry Murin.

The representative of the National Bank stressed we should not expect a repetition of 2017, when the refinancing rate and other rates were reduced several times and quite quickly.

At the same time, he noted that there remain opportunities in the credit and deposit markets for further reduction of the refinancing rate in 2018.

"But the pace will be much lower. In our opinion, the refinancing rate can be reduced to 9.5-10.5% per annum, depending on how the macroeconomic situation in Belarus will develop," Mr. Murin said.

He added that the Belarus National Bank would continue to pursue the same monetary policy as in 2015-2017. Earlier the head of the National Bank Pavel Kallaur said the Bank would slightly change the monetary policy in 2018. Kallaur had also reminded that the National Bank and the government have a task to reach inflation of no more than 5% by 2020.