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August 17, National Bank of Belarus increased the refinancing rate by 2% - from 20 to 22% per annum. The corresponding decree № 326 was adopted by the Board of the National Bank on August 11.
"The consistent growth in the refinancing rate, held throughout 2011, is aimed at increasing the cost of borrowed money in the economy as an important condition for a phased tightening of monetary policy of the National Bank. In conjunction with the general economic tightening measures, the Government is to help stabilize the situation in the foreign field, as well as control inflation," the National Bank.
"It should be noted that the increase in nominal interest rates as an element of stabilization policy is a global practice," added in the central bank of the country.
National Bank jointly with the Government will continue to carry out single state policy to ensure economic and financial stability in the country. At the same time, with the development of positive trends in the economy and financial markets, the National Bank will return to the practice of the refinancing rate gradual reduction.
As Telegraf previously reported, the last time the refinancing rate increased on July 13, 2011 (from 18% to 20% per annum). For 2011, it will be the seventh increase of refinancing rate. Prior to the first increase, which occurred on March 16, the interest rate had reached 10.5%.
After the July refinancing rate hike, Belarus entered the top three in the ranking in terms of the rate, set by the central bank of the country. According to this indicator, Belarus is outrun only by Sierra Leone, where the interest rate is 23%, and the Republic of the Congo with a rate of 22%. Meanwhile, back in May of this year, Belarus occupied only sixth position in the ranking.
