15 June, Minsk /BELTA/. The refinancing rate in Belarus will be reduced to 32% per annum from 20 June 2012. This decision was made by the Board of the National Bank, as reported to BELTA by the Information and Public Relations Department of the National Bank. At the same time, the interest rate on permanently available liquidity support operations (overnight credit, overnight SWAP) and bilateral operations (lombard credit, SWAP transactions) will be reduced from 55% to 50% per annum. The actual dynamics of most macroeconomic indicators and their assessment for the medium-term period confirm the possibility of reducing the nominal level of interest rates in the economy without increasing risks to the balanced development of the country, the National Bank noted. "The inflation rate is generally in line with the forecast parameters for 2012. Consumer prices for goods and services in May 2012, compared to December 2011, increased by 8.5%, while the core consumer price index was at a lower level - 108%," the country's main bank reported. "The state and prospects of foreign trade are assessed as favorable. The maintenance of a positive foreign trade balance has a positive impact on the exchange rate dynamics of the Belarusian ruble, despite short-term fluctuations in supply and demand in the domestic foreign exchange market," the National Bank said. At the same time, devaluation and inflation expectations persist, with a general trend of their decrease, the country's main bank noted. "This factor indicates that a significant easing of monetary policy is premature," they emphasized. "At the same time, a reduction in the refinancing rate by 2 percentage points amid slowing inflation allows real interest rates in the credit and deposit market to remain at the previous level. Thus, the current degree of tightness of interest rate policy is maintained, ensuring the formation of conditions necessary to support macroeconomic and financial stability in the country," the National Bank noted.-0-

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