Belarus Raises Refinancing Rate for Seventh Time This Year Bloomberg

12.08

The Belarusian central bank raised
its refinancing rate for the seventh time this year to 22
percent to tame inflation, saying borrowing costs would remain
elevated until the former Soviet republic’s economy improved.

The Minsk-based Natsionalnyi Bank Respubliki Belarus
increased the rate by 2 percentage points, effective Aug. 17,
according to a statement on its website today.

“Along with general economic measures undertaken by the
government, this tightening will help stabilize the external
economic situation and limit inflation,” the bank said. “As
positive trends in the economy and financial markets develop,
the Natsionalnyi Bank will return to its policy of gradually
lowering the refinancing rate.”

Belarus is struggling to close a current-account deficit
that reached 16 percent of economic output in 2010 and has
sought bailout loans from Russia and the International Monetary
Fund. Cumulative inflation rose to a 10-year high of 36.2
percent in the six months through June, the state-run news
service Belta reported July 14, citing the National Statistics
Committee.

Belarusian dollar-denominated debt due in January 2018
fell, pushing the yield up 50 basis points, or 0.5 percentage
point, to a record of 12.911.

External source of this news: http://www.bloomberg.com/news/2011-08-12/belarus-raises-refinancing-rate-for-seventh-time-this-year-1-.html

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		View View items Belarus Raises Refinancing Rate for Seventh Time This Year Bloomberg 12.08 The Belarusian central bank raised its refinancing rate for the seventh time this year to 22 percent to tame inflation, saying borrowing costs would remain elevated until the former Soviet republic’s economy improved. The Minsk-based Natsionalnyi Bank Respubliki Belarus increased the rate by 2 percentage points, effective Aug. 17, according to a statement on its website today. “Along with general economic measures undertaken by the government, this tightening will help stabilize the external economic situation and limit inflation,” the bank said. “As positive trends in the economy and financial markets develop, the Natsionalnyi Bank will return to its policy of gradually lowering the refinancing rate.” Belarus is struggling to close a current-account deficit that reached 16 percent of economic output in 2010 and has sought bailout loans from Russia and the International Monetary Fund. Cumulative inflation rose to a 10-year high of 36.2 percent in the six months through June, the state-run news service Belta reported July 14, citing the National Statistics Committee. Belarusian dollar-denominated debt due in January 2018 fell, pushing the yield up 50 basis points, or 0.5 percentage point, to a record of 12.911. External source of this news: http://www.bloomberg.com/news/2011-08-12/belarus-raises-refinancing-rate-for-seventh-time-this-year-1-.html The Forsecurity.org is not responsible for the content of external websites. However, the Experts of the Foreign Policy and Security Research center can comment the news from external sources. Foreign Policy and Security Research center created by leading Belarusian scientists, experts in the field of history, law, diplomacy in 2008 (Minsk, Belarus). Our spokepersons act as experts in the evaluation of current events in Belarus and abroad. The FPS Office of Media Relations helps members of the news media set up interviews with FPS experts, produces news releases to inform the media and public about FPS research and corporate news, and works with FPS researchers to produce op-eds for publication. The fastest way to get a response to a media interview or op-ed request is to email us. See also section Contacts. Feel free to contact us. 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Belarus Raises Refinancing Rate for Seventh Time This Year Bloomberg

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