Interest Rate in Belarus
Belarus - Interest Rate
Central Bank keeps rate unchanged in January amid high inflation
At its 6 February meeting, the Board of the National Bank of the Republic of Belarus (NBRB) kept the refinancing rate unchanged at an over decade-low 10.0%, in line with analysts’ expectations. The decision to refrain from another cut was reflective of higher inflation at the outset of the year.
In its communiqué, the NBRB remarked that high domestic demand and a poor agricultural harvest had pushed up inflation at the end of last year. Moreover, the VAT hike in Russia increased costs for raw-materials and thus added further pressure on prices. The board consequently left the rate unchanged with the aim of pushing inflation towards the 5.0% target for this year and also so as to avoid throttling business activity.
Regarding its forward-looking guidance, the NBRB maintained a dovish tone, deeming recent price pressures as “temporary”. Domestic inflation is expected to ease in the first two quarters, as last year’s wage increase translates into upbeat labor productivity. Nevertheless, geopolitical factors—including additional sanctions on Russia—remain the key downside risk to the board’s outlook, as they would likely raise prices on imports.
The next monetary policy meeting is scheduled for 3 May.
FocusEconomics panelists project the key interest rate to end 2019 at 10.1% and 2020 at 10.0%.
Belarus - Interest Rate Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Policy Interest Rate (%) | 23.50 | 20.00 | 25.00 | 18.00 | 11.00 |
Belarus Interest Rate Chart
Source: National Bank of the Republic of Belarus.
Belarus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 2.14 | -0.36 % | Mar 11 |
| Stock Market | 0.1 | 0.0 % | Feb 25 |
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Economic News
Belarus: Inflation continues trending up in February
March 11, 2019
Consumer prices increased 1.3% over the previous month in February, up from January’s 0.9% print.
Belarus: Industrial output moderates to near two-year low in January
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Industrial production growth decelerated to 0.9% year-on-year in January, down from December’s 1.3% expansion, logging the lowest reading in almost two years.
Belarus: Inflation rises in January
February 11, 2019
Consumer prices increased 0.9% over the previous month in January, a tad above December’s 0.8% print.
Belarus: Central Bank keeps rate unchanged in January amid high inflation
February 8, 2019
At its 6 February meeting, the Board of the National Bank of the Republic of Belarus (NBRB) kept the refinancing rate unchanged at an over decade-low 10.0%, in line with analysts’ expectations.
Belarus: Industrial output slows in December
January 17, 2019
Industrial production growth decelerated to 1.3% year-on-year in December, down from November’s 3.1% expansion. Looking at 2018 as a whole, annual average industrial production grew 5.7%, below 2017’s 6.1%.
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