Beautiful building in belarus

Belarus Monetary Policy May 2023

Belarus: Central Bank cuts rates for the second time in a month in May

On 31 May, the National Bank of the Republic of Belarus (NBRB) cut the refinancing rate by 25 basis points to 9.75%. This marked the second rate cut in the past month, following the 50 basis point cut on 2 May. Additionally, the Bank decided to lower the interest rates on overnight loans and overnight deposits by 25 basis points each, to 10.75% and 8.75%, respectively.

The Bank’s decision was likely motivated by a sustained drop in price pressures following the introduction of price controls in October 2022: Inflation eased further to 4.6% in April from 5.8% in March. A high base effect from the outset of the war in Ukraine has further supported the inflation moderation so far this year.

In its forward guidance, the Bank stated that upcoming decisions would be based on inflation and inflation expectations, internal and external risks to the outlook, and the response of financial markets to said risks. Our panel anticipates the key policy rate to ease further by year-end, as the Bank balances inflationary risks and an ailing domestic economy.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest