On February 24, Minsk / Anna Kot - BELTA /. The National Bank of the Republic of Belarus is reducing the refinancing rate to 38% per annum from March 1, the Information Department of the National Bank informed BELTA. "Based on the trends observed over the past few months in the economy, its financial sector, and future forecasts, the Board of the National Bank has decided to reduce the refinancing rate to 38% per annum from March 1, 2012," the National Bank reported. The bank's Information Department explained that the tightening of monetary policy last year, including by raising interest rates, helped stabilize the situation in the country and create conditions for maintaining macroeconomic balance. As a result, inflation has significantly slowed down in recent months. For example, the consumer price index for December 2011 was 102.3%, for January 2012 - 101.9%, and for the two weeks of February - 100.9%. "As a result, real interest rates on deposits have firmly established themselves in positive territory at a sufficiently high level since January 2012. At the same time, the dynamics of household term deposits reflect the strengthening of savings processes in the economy and the growth of confidence in the banking system. Since the introduction of a single exchange rate, household deposits in Belarusian banks in national and foreign currencies have increased by Br7.6 trillion," the National Bank said. They also drew attention to the continued improvement in foreign trade and the reduction of external economic imbalances. "The sustained excess of foreign currency supply over demand in the domestic foreign exchange market leads to the strengthening of the Belarusian ruble," the Information Department of the National Bank explained. These and other emerging trends in the country have allowed the National Bank to lower the refinancing rate without negatively impacting the stability of the financial market. At the same time, the cost of credit resources for enterprises and citizens is also decreasing. In addition, the reduction in the refinancing rate will help to somewhat reduce the excess yield of ruble financial instruments compared to the yield of instruments in foreign markets. In turn, this will curb the inflow of short-term capital into banks, invested for the purpose of quick profit, including from abroad.