March 12, Minsk /Anna Kot - BELTA/. The Board of the National Bank of Belarus has decided to reduce the refinancing rate by 1.5 percentage points to 28.5% per annum from March 13, 2013. This was reported to a BELTA correspondent by the Information and Public Relations Department of the National Bank.
"The refinancing rate was last reduced in September 2012. Maintaining it at 30% per annum for 6 months allowed for the degree of monetary conditions tightness necessary to maintain macroeconomic balance and achieve target inflation reduction goals," the National Bank noted.
The actual slowdown in inflation processes observed in February of the current year and the projected further slowdown provide grounds for a gradual reduction in the nominal value of the refinancing rate while maintaining its positive real level.
"This continues to maintain attractive conditions for savings in Belarusian rubles, ensuring their reliable protection against inflation and higher returns compared to deposits in foreign currency," the National Bank said.
The refinancing rate is planned to be reduced to 13-15% per annum in 2013. At the same time, as National Bank representatives have repeatedly stated, the level of inflation and other economic indicators will be taken into account when this goal is achieved. Inflation in Belarus for the first two months of the current year amounted to 4.3% (1.2% in February) with a forecast for 2013 of no more than 12%.-0-