Interest Rate in Belarus

Belarus Interest Rate | Economic News & Forecasts

Belarus - Interest Rate

Central Bank cuts refinancing rate to fresh record low in February

At its 12 February meeting, the National Bank of the Republic of Belarus (NBRB) trimmed the refinancing rate by 25 basis points to an all-time low of 8.75%. The rate on overnight credit was also cut from 10.00% to 9.75%, as was the rate on the overnight deposit, from 8.00% to 7.75%.

The rate cut came against the backdrop of softening price pressures and lackluster economic activity growth. Inflation decelerated faster than the Bank had expected at the end of 2019, dipping to a 17-month low of 4.7% in December (November: 5.0%), amid easing food and services inflation. As a result, inflation landed below the Central Bank’s 5.0% target for the first time in over a year where it also stayed at the outset of 2020 (January: 4.7%). This came against the backdrop of weakening growth momentum last year: Annual growth slumped to a three-year low of 1.2% in 2019 (2018: +3.1% year-on-year) amid a broad-based downturn in activity.

Looking ahead, the NBRB reaffirmed its projection that inflation will stay around the 5.0% target throughout this year. A stable Belarusian ruble and downbeat domestic demand should keep price pressures in check, as slowing private credit and moderate wage gains are expected to constrain consumer spending growth. Externally, the NBRB sees slowing inflation in Russia and the EU, and low global oil prices as key factors supporting national inflation to hit the target level.

The next monetary policy meeting is scheduled for 13 May 2020.

FocusEconomics Consensus Forecast panelists project the rate to end 2020 at 8.80% and 2021 at 8.44%.

Belarus - Interest Rate Data

2014   2015   2016   2017   2018  
Policy Interest Rate (%)20.00  25.00  18.00  11.00  10.00  

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Belarus Interest Rate Chart

Belarus Interest Rate
Note: Policy Interest Rate in % (eop).
Source: National Bank of the Republic of Belarus.

Belarus Facts

Value Change Date
Exchange Rate2.10-0.36 %Dec 31
Stock Market0.10.0 %Jan 07

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