The National Bank of Belarus (NBB) sees no point in changing its base refinance rate in the short run, NBB head Nadzieja Jermakova told reporters in Minsk on November 21.
The base refinance rate was last changed in September, when it was lowered to 30 percent. “Today there is a situation where we have no possibility to lower it further,” Jermakova stressed.
The official announced that the rate would not be changed in November and the possibility of changes to it afterward would depend on the economic situation.
Inflation is currently within the limits set by the government, but changing the base refinance rate today will not influence loan and deposit interest rates, Jermakova said. “That's why it makes no sense to change it now,” she added.
The NBB has reduced the refinance rate eight 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, to 31 percent on July 18, to 30.5 percent on August 15 and to 30 percent on September 12.