15 August, Minsk /BELTA/. The refinancing rate in Belarus will be reduced to 30.5% per annum from 15 August 2012. This decision is contained in the Resolution of the Board of the National Bank of Belarus No. 405 of 6 August 2012, the Information and Public Relations Department of the National Bank informed a BELTA correspondent.
"In the past period of 2012, the actual inflation dynamics were strictly within the forecast parameters (consumer prices for goods and services for January-June and 3 weeks of July 2012 increased by 11.9%). At the same time, to further slow down the price growth rate, it is necessary to maintain a tight monetary policy, which necessitates a gradual reduction in the refinancing rate," the National Bank explained.
At the same time, attractive conditions for ruble savings will continue to be provided, with yields significantly exceeding the yields of foreign currency deposits, the country's main bank emphasized.
The National Bank of Belarus last reduced the refinancing rate on 18 July of the current year – from 32% to 31% per annum. The current reduction in the refinancing rate is the seventh since the beginning of the current year. During this period, the refinancing rate has been reduced by a total of 14.5 percentage points (from 45% to 30.5% per annum). At the same time, the National Bank has somewhat slowed down the pace of refinancing rate reduction recently – from 2 percentage points per month initially to 0.5 percentage points per month during the last reduction (from 15 August). In 2011, the refinancing rate was raised 12 times.
According to the forecast indicators of the National Bank, the refinancing rate is planned to be reduced to 20-23% per annum by the end of 2012, provided that inflation decreases to 19-22%.-0-
BELTA