National Bank: Re-financing rate to reach 25 per cent on 9 January
Belarus' central banks says it makes attempts to 'provide financial and macroeconomic stability, lower inflation.'
National Bank of Belarus has adopted a number of measures in the area of interest rate policy. It is noted that they are aimed at "setting in the economy a level of interest rates for the financial and macroeconomic stability, lower inflation, and the balance of interests of depositors and borrowers".
Starting from January 9, the refinancing rate in Belarus will increase by 5 percentage points to 25% per annum. Since January 14, the interest rates on standing facilities and bilateral liquidity support operations of banks have decreased from 50 to 40% per annum, the rate on overnight deposits increased to 20% per annum.
At the same time, since January 9, 2015 the upper limit of interest rates on deposits of legal entities decreased from 50 to 40% per annum. The upper limit on ruble deposits of individuals is still 50%, but as the situation stabilizes further, it will also decrease.
The full text of the National Bank resolution can be found here.
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