Belarus Monetary Policy October 2020


Belarus: Central Bank keeps policy rate unchanged in October

October 14, 2020

At its 14 October meeting, the National Bank of the Republic of Belarus (NBRB) kept the refinancing rate unchanged at its record low of 7.75%.

The decision was aimed at countering the recent acceleration in inflation, which has surpassed the Bank’s expectations. According to the Bank, an increase in demand for foreign exchange has caused the ruble to depreciate, elevating import costs and thus exerting upward pressure on prices.

Looking ahead, the Bank expects inflation to remain elevated in the coming months, but estimates that the upward pressures stemming from a weaker currency will dissipate in the medium term, while disinflationary factors due to downbeat activity will persist. Consequently, a rate cut is not likely to happen in the short term, as the Bank looks to protect the currency and dampen inflation.

The next monetary policy meeting is scheduled for 11 November.

FocusEconomics Consensus Forecast panelists project the refinancing rate to end 2021 at 7.91% and 2022 at 8.39%.

Author:, Junior Economist

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Belarus Monetary Policy Chart

Belarus Monetary Policy October 20 20 2

Note: Refinancing rate in %.
Source: National Bank of the Republic of Belarus (NBRB).

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