National Bank of Belarus Increases Refinancing Rate to 16%

Starting from June 1st, 2011 the refinancing rate of the National Bank of Belarus increases by 2 percentage points and will make 16 percent per annum, reported the press office of the National Bank of Belarus.

Starting from June 1^st, 2011 the refinancing rate of the National Bank of Belarus increases by 2 percentage points and will make 16 percent per annum, reported the press office of the National Bank of Belarus.

The corresponding decree as of 30.05.2011 № 200 was issued by the Board of the National Bank in view of the continuing growth of consumer prices and high inflationary expectations.

Another raise of the refinancing rate, and thus the interest rate on deposits, is aimed at increasing the return on deposits in Belarusian rubles and securing inflation-proof ruble savings in banks.

The National Bank shall continue to pay close attention to safety and attractiveness of personal and organizations’ ruble deposits in banks.