NBB Will Keep Refinancing Rate Unchanged at 23.5% in March
OREANDA-NEWS. The refinancing rate of the National Bank of Belarus (NBB) will stay unchanged in March 2014 at 23.5% per annum in order to restrain inflation growth and keep up ruble deposits at Belarusian banks, the NBB Public Relations Office told.
The refinancing rate was last adjusted on June 10, 2013, when it was reduced by 1.5 percentage points to 23.5% per annum. This was a fourth cut in the refinancing rate since early 2013: on March 13 it was reduced to 28.5%, down to 27% on April 17, down to 25% on May 15.
According to Belstat (Belarus' National Statistics Committee), the country's consumer price index grew 2% in February 2014 after a 1.6% rise in January. By keeping the refinancing rate unchanged, the NBB confirms its commitment to curb inflation growth.
As previously reported, the NBB plans to cut the refinancing rate of down to 14-16% in 2014.
All in all, the refinancing rate was adjusted eight times in 2012 down to 30% per annum. In 2011 Belarus raised the refinancing rate 12 times from 10.5% to 45% per annum.
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