On July 11, Minsk /BelTA correspondent/. The refinancing rate in Belarus will be increased from 18% to 20% per annum from July 13, 2011. This was reported to BelTA by the Information Department of the National Bank. The Board of the National Bank has decided to increase the refinancing rate from 18% to 20% per annum from July 13, 2011, the department noted. This measure is implemented as part of a consistent interest rate policy aimed at gradually increasing the overall level of interest rates in the economy in order to help curb inflation and stimulate savings processes in the country. The planned increase in interest rates will contribute to strengthening the attractiveness of ruble deposits of individuals and organisations in banks, reinforcing the national currency's exchange rate, and thereby increasing confidence in it from all economic agents. At the same time, the gradual increase in the rate allows for consideration of the interests of borrowers who already have credit debt to banks, the Information Department of the National Bank emphasised. The refinancing rate of the National Bank of Belarus was last increased on June 22 from 16% to 18%. -0-

BELTA