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Belarus Monetary Policy May 2020

Belarus: Central Bank cuts refinancing rate to fresh record low in June

At an emergency meeting on 22 June, the National Bank of the Republic of Belarus (NBRB) trimmed the refinancing rate by 25 basis points to an all-time low of 7.75%, effective on 1 July. The rate on overnight credit was also cut from 9.00% to 8.75%, while the rate on overnight deposits was cut from 7.00% to 6.75%.

A faster-than-expected slowdown in inflation supported the Bank’s decision to lower the refinancing rate in an effort to prop up the economy through the current economic downturn. Inflation eased to 4.9% in May (April 5.4%), falling below the Central Bank’s 5.0% target and thus providing monetary authorities with room to broaden monetary stimulus. Going forward, the Bank intends to maintain moderately soft monetary conditions to maintain inflation close to target and to foster financial stability.

The next monetary policy meeting is scheduled for 12 August.

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