30 January, Minsk /BELTA correspondent/. The National Bank of Belarus may lower the refinancing rate in the near future. This was stated today at a press conference in Minsk by the Chairperson of the Board of the National Bank, Nadezhda Ermakova, as reported by a BELTA correspondent. According to the head of the National Bank, there is potential for this. Nadezhda Ermakova noted that the refinancing rate will be lowered based on the inflation rate. "The refinancing rate should be linked to, or can be calculated based on, inflation. As soon as we see the consolidated inflation figure for January, we will consider the issue of lowering the refinancing rate," she said. Inflation statistics for January will be ready by February 10, and by February 15, the National Bank plans to consider the issue of lowering the refinancing rate. Nadezhda Ermakova noted that, based on the information currently available to the National Bank, a reduction in the refinancing rate is quite possible. "It is difficult to say to what extent, but in any case, inflation slowed down in January, and, of course, we will link the refinancing rate to it," she added. Answering journalists' questions about the pace at which the refinancing rate will be lowered, Nadezhda Ermakova explained that it will happen gradually and smoothly. She recalled that at the end of last year, the refinancing rate was gradually increased by 5 percentage points, which was due to the fact that the refinancing rate was not keeping pace with inflation. The reduction of the refinancing rate will occur at a slower pace so that the "money supply does not spin up again," added the head of the National Bank. "Money must have a cost; this will determine its demand and its entry into the markets," concluded Nadezhda Ermakova.-0-

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