Decision to lower base refinance rate to 38 percent may have been premature, IMF representative says

06.03

The decision by the National Bank of Belarus (NBB) to lower its base refinance rate by five percentage points to 38 percent on March 1 may have been premature, Christopher Jarvis, head of the International Monetary Fund's mission to Belarus, told reporters in Minsk on Monday.

The refinance rate may be reduced when the economic situation becomes more stable and inflation expectations weaken, Mr. Jarvis said. Before moving to lower the refinance rate, it is necessary to ensure that these conditions are in place, he said.

The National Bank lowered the base refinance rate 12 times last year, from 10.5 to 45 percent, amid spiraling inflation. The rate was reduced from 45 to 43 percent on February 15.

While meeting with NBB head Nadzeya Yermakova in early February, Alyaksandr Lukashenka expressed dissatisfaction with high interest rates on bank loans and ordered the National Bank to lower its base refinance rate "step by step." // ]]> BelaPAN ]]>

External source of this news: http://naviny.by/rubrics/english/2012/03/06/ic_news_259_388469/

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Decision to lower base refinance rate to 38 percent may have been premature, IMF representative says

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