Interest Rate in Belarus
Belarus - Interest Rate
Central Bank keeps policy rate unchanged in November
At its 11 November meeting, the National Bank of the Republic of Belarus kept the refinancing rate unchanged at its record low of 7.75%, after easing its stance by a cumulative 125 basis points in several meetings earlier in the year.
An increase in inflation, spurred by a depreciating currency as agents look for foreign exchange amid heightened uncertainty, drove the need to halt further easing. However, the Bank underlined that the outflow of funds from the banking system eased over September–October, which has helped to steady the ruble somewhat. This dynamic, if maintained, could stabilize inflation ahead.
Looking forward, the Bank did not provide explicit guidance on the direction of rates. It did, however, state that current inflationary pressures are temporary and that inflation should approach the 5% target by end-2021, which could suggest possible room for easing ahead. That said, most of our panel have a different view and expect higher rates by the end of next year, likely to support the weakening currency.
The next monetary policy meeting is scheduled for 12 February 2021.
FocusEconomics Consensus Forecast panelists project the refinancing rate to end 2021 at 7.91% and 2022 at 8.39%.
Belarus - Interest Rate Data
|Policy Interest Rate (%)||25.00||18.00||11.00||10.00||9.00|
5 years of economic forecasts for more than 30 economic indicators.
Belarus Interest Rate Chart
Source: National Bank of the Republic of Belarus.
|Exchange Rate||2.10||-0.36 %||Dec 31|
|Stock Market||0.1||0.0 %||Jan 07|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
February 16, 2021
Industrial production expanded 8.5% year-on-year in January (December: -0.7% yoy).
January 19, 2021
Industrial output dropped 0.7% in year-on-year terms in December, which was a deterioration from November's 4.3% increase.
January 18, 2021
A preliminary estimate revealed the economy shrank 0.9% in 2020 as a whole, improving from the 1.2% decrease observed in the first three quarters of the year and suggesting the economy picked up pace in Q4.
January 13, 2021
Consumer prices increased 1.23% in December over the previous month, accelerating from the 0.66% rise logged in November.
December 30, 2020
A second estimate revealed the economy shrank 0.2% year-on-year in the third quarter of 2020, easing from the second quarter’s 3.3% decrease.