MINSK, March 7 (Xinhua) -- The Board of the National Bank of Belarus has decided to reduce its refinancing rate from 16 percent to 15 percent starting from 15 March, the press service of the central bank said on Tuesday.
The bank attributed its decision to the slowing growth of consumer prices, as well as the positive trends in the foreign exchange and deposit markets.
The Belarusian bankers note a slowdown in inflation at a more significant pace than previously expected. The strengthening of the slowdown in inflation was due to the strengthening of the Belarusian ruble in January-February 2017, which was caused by the significant excess of foreign exchange supply over demand in the domestic foreign exchange market.
Starting from 15 March, the interest rates on standing and bilateral transactions designed to maintain the current liquidity of banks will be reduced from 20 percent to 18 percent per annum, as well as the rates on standing liquidity absorption transactions from 11 percent to 10 percent per annum.