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Belarus Monetary Policy March 2023

Belarus: Central Bank cuts rates again in February

On 23 February, the National Bank of the Republic of Belarus (NBRB) announced that it would reduce the refinancing rate to 11.00% from 11.50%, effective 1 March. The move marked the second consecutive rate cut. Additionally, the Bank decided to decrease the interest rate on overnight loans to 12.00% from 12.50% and the interest rate on overnight deposits to 10.00% from 10.50%.

The Bank’s decision to cut rates again was driven by the ongoing decline in inflation. Notably, inflation’s deceleration intensified after price controls were introduced in October. The Bank stated that the downtrend in price pressures was in line with expectations and that it sees inflation returning to single digits by the end of Q1.

The NBRB did not provide explicit forward guidance. Instead, it stated that future decisions “will take into account the actual and expected inflation rates, internal and external risks and the reaction of financial markets to them”.

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