The National Bank of Belarus (NBB) may increase its base refinance rate in November, head Nadzieja Jermakova told reporters in Minsk on October 18.
“We decided not to lower or raise the base refinance rate in October,” she said.
According to the official, if the National Bank has to tighten the monetary policy next month it may have to raise the refinance rate to “ensure that there are no sharp fluctuations.”
“The [base refinance] rate must be above the inflation rate,” Ms. Jermakova said.
The NBB has been reducing the refinance rate since this past February, bringing it down from 45 to 30 percent.