The Central Bank of Belarus will reduce the refinancing rate from 11 percent to 10.5 percent per annum from April 3.

MINSK, March 24 – RIA Novosti. National Bank of Belarus knowledgeableIt will reduce the refinancing rate from 11% to 10.5% per annum from April 3rd.

“From April 3, 2023, refinancing rate from 11% to 10.5% per annum, overnight loan rate – from 12% to 11.5% per annum, overnight deposit rate – from 10% to 9% per annum Relevant Decisions were taken by the Central Bank Board of Directors following the results of the meeting on monetary policy on March 24, 2023.

The most recent refinancing rate was reduced from March 1 – from 11.5% to 11%.

The regulator explained the decision by saying that “inflationary processes continue to slow down as expected.” “In January 2023, the flow of ruble funds from the public to the banks continued. At the same time, the savings process remains constrained. At the same time, there is an accelerating growth in the liquid component of the money supply, which may affect it. The dynamics of the slowdown in inflation,” the report says.

It is emphasized that the following refinancing rate decisions will be taken by the Central Bank by evaluating the actual and expected inflation dynamics, the risks arising from domestic and external conditions and the reaction of financial markets to them.

The refinancing rate in Belarus also fell from 12% to 11.5% year-on-year as of January 23. Before that, the rate changed only last spring: from March 1, 2022, it increased from 9.25% to 12% per annum, on the backdrop of the sharp worsening of the geopolitical situation and the Western sanctions imposed due to Russia’s actions in Ukraine.

In January, Sergey Kalechits, First Deputy Chairman of the Board of the Central Bank of the Republic of the Republic, stated that the average value of the refinancing rate in 2023 is estimated at about 10-11% per year.