Interest Rate in Belarus
Belarus - Interest Rate
Central Bank slashes refinancing rate to record low in November meeting
At its 6 November meeting, the National Bank of the Republic of Belarus (NBRB) cut the refinancing rate by 50 basis point to a record low of 9.00%. The rate on overnight credit was also slashed from 10.75% to 10.00%, as was the rate on the overnight deposit, from 8.25% to 8.00%.
Easing price pressures throughout the third quarter prompted the NBRB to cut the refinancing rate again in a bid to boost lackluster activity. Inflation fell to a 10-month low of 5.3% in September, where it remained in October, with slowing food prices and a stronger Belarusian ruble curbing price pressures. Meanwhile, lowering the overnight credit and overnight deposit rates should boost the efficiency of the monetary policy transmission mechanism by enabling the NBRB to regulate the availability of liquidity to the banking sector.
Looking ahead, the NBRB reaffirmed its projection that inflation will near the 5.0% target by the end of the year amid weak domestic demand. The external sector is also seen dragging on growth, with the economy losing considerable traction from last year. While the statement was devoid of forward guidance, the Bank is set to maintain an accommodative stance.
The next monetary policy meeting is scheduled for 12 February 2020.
FocusEconomics panelists project the key interest rate to end 2020 at 9.5% and 2021 at 9.1%.
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 | 2.10 | -0.36 % | Dec 31 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Economic News
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Belarus: Growth slumps to three-year low in 2019
January 28, 2020
According to the first national accounts estimate released by Belarus’ Statistical Institute (Belstat), annual growth sunk to 1.2% in 2019 (2018: +3.1% year-on-year), marking the softest expansion since 2016.
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Belarus: Industrial production picks up steam in December
January 17, 2020
Industrial production jumped 4.3% on an annual basis in December, accelerating from the 1.7% increase logged in November. December’s print marked the strongest increase since September 2018 and was chiefly driven by robust output growth in the all-important manufacturing sector.
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Belarus: Inflation falls to 17-month low in December
January 13, 2020
Consumer prices rose 0.5% over the previous month in December, following November’s 0.2% increase.
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Belarus: Growth bounces back from over two-year low in Q3
December 30, 2019
According to a second release by Belarus’ Statistical Institute (Belstat), the economy expanded 1.4% year-on-year in the third quarter of 2019, up from Q2’s mild 0.5% increase, which had marked the softest expansion in over two years.
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Belarus: Industrial production recovers in November
December 17, 2019
Industrial production rose 1.7% on an annual basis in November, rebounding from the 0.3% slip logged in October.
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