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Board of the National Bank of Belarus expects that the volume of ruble-denominated loan portfolio of Belarusian banks will grow by 40% in 2011. According to deputy chairman of the National Bank Sergei Dubkov, similar growth corresponds to the last year's level.
Under the current financial market conditions, credit remains the only realistic source of financing of the economy, Sergei Dubkov, BelTA informs.
Interest rate policy of the National Bank, according to Sergei Dubkov, will depend on the inflation rate. For example, the refinancing rate will be above inflation in the near future. At the same time representative of the National Bank pointed out that the current refinancing rate (22%) is "tough enough for borrowers, but not effective enough for the deposit market."
"When the refinancing rate is comparable to the rate of inflation, there will be simply no borrowers, and the economy won't be able to get resources," said Sergei Dubkov.
As Telegraf previously reported, the current refinancing rate has been equal to 22% per annum in Belarus since August 17. In 2011, the refinancing rate has risen seven times (10.5%). After the last increase, Belarus got in the top three in the ranking in terms of the rate set by the country's central bank. According to this indicator, Belarus is outrun only by Sierra Leone, where the interest rate is 23%. Belarus shared the same second place with the Republic of Congo. Meanwhile, back in May of this year, Belarus ranked only sixth position in the ranking.
