Interest Rate in Belarus
Belarus - Interest Rate
Central Bank hikes rate by 75 basis points in surprise meeting in July amid high inflation
At an unscheduled meeting on 15 July, the National Bank of the Republic of Belarus decided to hike the refinancing rate by 75 basis points from 8.50% to 9.25%, effective from 21 July. The move came after a similar unscheduled meeting that saw a rate hike in April. The Bank cancelled all its scheduled meetings in mid-March, generating uncertainty regarding the timing of subsequent monetary policy decisions.
The decision was taken mainly to contain consumer prices. Higher inflation expectations and external factors such as increasing prices for foodstuffs in trading partners and supply disruptions are exerting upward pressure on inflation, which came in at a near five-year high of 9.9% in June. In addition, the decision will help support the currency in the wake of the last round of EU sanctions, which are likely to exert downward pressure on exports and foreign deposits.
Looking ahead, the Bank’s emphasized the importance of maintaining price stability. As such, the evolution of inflation will be a key factor to watch out for, in addition to the impact of sanctions on the country’s currency via exports and financing channels, and further rate hikes should not be ruled out.
July’s rate hike surpassed even the highest forecast in our panel for the rate until end-2021, underlining the uncertainty clouding the country’s monetary policy. FocusEconomics Consensus Forecast panelists have yet to factor in the latest decision, and updated forecasts will be available in our next report on 3 August.
Belarus - Interest Rate Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Policy Interest Rate (%) | 25.00 | 18.00 | 11.00 | 10.00 | 9.00 |
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 |
Sample Report
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.
Economic News
-
Belarus: Belarusian ruble continues to plummet as credit default risk looms
April 1, 2022
The Belarusian ruble continued to lose ground against the U.S. dollar over the past month, plummeting to an all-time low of 3.33 per USD in mid-March, amid a spiraling sovereign debt crisis due to the fallout from the Russia-Ukraine war.
-
Belarus: Belarusian ruble collapses amid war in Ukraine; Central Bank hikes rate by 275 basis points to 12.00%
March 4, 2022
On 28 February, four days after war broke out in Ukraine, the National Bank of the Republic of Belarus had its first meeting in seven months.
-
Belarus: Industrial output grows at quickest pace since May 2021 in January
February 16, 2022
Industrial output expanded 7.2% year-on-year in January (December: +4.3% yoy).
-
Belarus: Inflation comes in at highest level since October 2021 in January
February 10, 2022
Consumer prices rose 1.53% over the previous month in January, picking up from December's 0.87% rise.
-
Belarus: Industrial output rises at quickest pace in six months in December
January 17, 2022
Industrial output increased 4.3% in year-on-year terms in December, which was above November's 2.7% increase.
© Copyright: 2022. | Belarus Interest Rate | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
