This becomes the seventh reduction of refinancing rate in 2012.
The National Bank of Belarus (NBB) has decided to lower its base refinance rate by .5% from 31 to 30.5 percent on August 15, the NBB press office announced on Wednesday.
“Since the beginning of 2012, the actual inflation dynamics have been within the projected range,” the press office informed. “Consumer prices increased by 11.9 percent in the first six months of the year and the first three weeks of July.”
“In order to ensure a further slowdown in the growth rate of prices, it is necessary to continue a tough monetary policy, which necessitates the gradual reduction of the refinance rate,” the press office said.
“At the same time, the profitability of rouble deposits will continue to be considerably higher than that of foreign currency deposits.”
The NBB has already reduced the refinance rate six times this year: from 45 to 43 percent on February 15, to 38 percent on March 1, to 36 percent on April 2, to 34 percent on May 16, to 32 percent on June 20, and to 31 percent on July 18.
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