Ms. Jermakova said that the NBB might only reduce the rate a bit in the next month.
It is yet inexpedient to drastically lower the base refinance rate, Nadzieja Jermakova, the President of the National Bank of Belarus (NBB), told reporters in Minsk on Tuesday.
Ms. Jermakova said that the NBB might only reduce the rate a bit in the next month depending on the country`s inflation.
According to preliminary estimates, consumer prices rose by 1.1 percent in the first three weeks of May, Ms. Jermakova said.
If the inflation rate does not accelerate in the remaining days of the month, it will be possible to consider a slight decrease in the refinance rate, she said.
Earlier this month, the First Deputy Prime Minister Uladzimir Siamashka suggested drastically reducing the base refinance rate in the second quarter of the year, a measure that would make loans more affordable for businesses.
The NBB has reduced the refinance rate four times this year: from 45 to 43 percent on February 15; to 38 percent on March 1; to 36 percent on April 2 and to 34 percent on May 16.
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