National Bank of Belarus lowers refi rate to 20% pa
MINSK. Aug 13 (Interfax) - The National Bank of Belarus (NBB) has lowered the refinancing rate by 0.5 percentage points to 20% per annum starting August 13 from 20.5%, the NBB told Interfax.
"The decision is based on July's continuing favorable monetary trends. On the domestic forex market, the foreign currency supply exceeds demand for it, and an inflow of ruble deposits for private individuals at banks is being observed," the NBB said.
This is the fourth lowering of the refinancing rate by the NBB since the beginning of the year.
The previous time the NBB lowered the refinancing rate was on July 16, by 1 percentage point to 20.5%. Before that, the NBB lowered the refinancing rate on May 19, 2014 from 22.5% to 21.5%, on April 16 - from 23.5% to 22.5%. Before this, the rate remained unchanged since June 2013.
Earlier the NBB forecast that by the end of 2014, the refinancing rate could fall to 20%.