MINSK, 15 June (BelTA) – Belarus will reduce the refinancing rate to 32% per annum on 20 June. Such a decision has been made by the Board of the National Bank of the Republic of Belarus, BelTA learnt from the information and public relations department of the National Bank. At the same time interest rates on constantly available liquidity support operations (credit overnight, overnight swap) and bilateral operations (lombard loans, swap deals) will decrease from 55% to 50% per annum. The current trends in most of macroeconomic indicators and their mid-term projections make it possible to lower the nominal interest rates without jeopardizing balanced economic growth, the National Bank informed. “The inflation rate meets the 2012 projections. Consumer prices in May 2012 increased by 8.5% as against December 2011. The basic consumer price index was lower - 108%,” the National Bank said. “The state and prospects of Belarus’ foreign trade are favorable. The foreign trade surplus has a positive impact on the Belarusian ruble exchange rate despite short-term demand and supply fluctuations on the internal market,” the National Bank noted. However inflation and devaluation expectations remain but the trend is downward. “This factor reveals prematurity of monetary policy liberalization,” the National Bank emphasized. “At the same time a 2% decrease in the interest level accompanied by the inflation deceleration will keep real interest rates on the credit and deposit market unchanged. In that way it is possible to keep the interest rate policy unchanged, which will boost macroeconomic and financial stability,” the National Bank said.

БЕЛТА