OREANDA-NEWS. In a bid to make credits more affordable, the National Bank of Belarus has put a ceiling on interest rates on bank loans for resident entities. The maximum interest rate shall not exceed the average interest rate on new credits issued to entities during the preceding month. In April 2014 the average interest rate stood at 39.4%. The ceiling takes effect on May 15, 2014.

The new regulation (#260 of Apr 22, 2014) was published on the national legal portal on Wednesday and will become effective on May 8, 2014. The ceiling on interest rate shall be valid till January 1, 2015.