Belarus to cut refinancing rate for first time this year
MOSCOW. Nov 23 (Interfax) - The National Bank of Belarus (NBB) will lower its refinancing rate on December 1 for the first time this year, to 13.5% from 14%, the NBB said in a press release.
The rate cut has been cleared with the International Monetary Fund (IMF).
The NBB said the rate was being cut due to a "sustained slowdown in the rate of inflation, to growth in retail deposits, the stability on the domestic currency market and a number of other positive tendencies in the economy facilitated by interest- and exchange-rate policy."
Faith in the national currency and the higher appeal of ruble deposits also contributed to the decision.