NBRB to raise refinancing rate to 22% p.a

12.08

MINSK, 12 August (BelTA) - The National Bank of the Republic of Belarus (NBRB) will increase the refinancing rate by two percentage points to 22% per annum on 17 August 2011, BelTA learnt from the NBRB information department.

The National Bank adopted relevant resolution No.326 on 11 August 2011.

The gradual increase in the refinancing rate in 2011 is aimed at raising the cost of borrowed money in the economy as an important condition for gradual tightening the NBRB monetary policy. Combined with other general economic measures, this will help stabilize foreign economic situation and curb inflation.

According to the NBRB information department, raising the nominal level of interest rates is used as a stabilization policy element worldwide.

The National Bank and Belarus’ government will continue to pursue a common policy to ensure financial and economic stabilization in the country. After the situation in the economy and the financial market improve the NBRB will start gradually lowering the refinancing rate.

A reminder, on 13 July the refinancing rate was increased from 18% to 20% per annum.

External source of this news: http://news.belta.by/en/news/econom?id%3D649682

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		View View items NBRB to raise refinancing rate to 22% p.a 12.08 MINSK, 12 August (BelTA) - The National Bank of the Republic of Belarus (NBRB) will increase the refinancing rate by two percentage points to 22% per annum on 17 August 2011, BelTA learnt from the NBRB information department. The National Bank adopted relevant resolution No.326 on 11 August 2011. The gradual increase in the refinancing rate in 2011 is aimed at raising the cost of borrowed money in the economy as an important condition for gradual tightening the NBRB monetary policy. Combined with other general economic measures, this will help stabilize foreign economic situation and curb inflation. According to the NBRB information department, raising the nominal level of interest rates is used as a stabilization policy element worldwide. The National Bank and Belarus’ government will continue to pursue a common policy to ensure financial and economic stabilization in the country. After the situation in the economy and the financial market improve the NBRB will start gradually lowering the refinancing rate. A reminder, on 13 July the refinancing rate was increased from 18% to 20% per annum. External source of this news: http://news.belta.by/en/news/econom?id%3D649682 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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NBRB to raise refinancing rate to 22% p.a

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