Interest Rate in Belarus
Belarus - Interest Rate
Central Bank stays put in May
At its 3 May meeting, the National Bank of the Republic of Belarus (NBRB) left 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, caused by higher fuel prices and a poor agricultural harvest at the end of last year. Moreover, robust wage growth in the back-end of 2018 further stoked prices pressures, as demand was pushed ahead of supply in Q1. Meanwhile, the Belarusian ruble held its ground in Q1 amid a favorable external environment, as higher inflation in Russia, the country’s main trading partner, offset the rise in domestic price pressures.
Regarding its forward-looking guidance, the NBRB expects the current rate to bring inflation near the 5.0% target by the end of the year. Domestic inflation should begin to ease amid more moderate household spending and increased productivity in the months ahead. Meanwhile, the external environment will likely support the outlook, as the recent dovish turn in major central banks lowered capital outflow risks. Nevertheless, downside risks stemming from a downturn in the exchanged rate, owing to a drop in oil prices, persist.
The next monetary policy meeting is scheduled for 7 August.
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 | 2.06 | -0.36 % | Jun 14 |
| Stock Market | 0.1 | 0.0 % | Jun 14 |
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Economic News
Belarus: Inflation speeds up in May
June 10, 2019
Consumer prices rose 0.3% in May, following flat growth in April, largely reflecting higher prices for non-food goods and services. Inflation accelerated to 6.2% in May (April: 5.5%), moving further above the Central Bank’s 5.0% target.
Belarus: Industrial production gathers momentum in April
May 17, 2019
Industrial production grew 2.1% year-on-year in April, accelerating from March’s 0.9% result, owing to stronger production in the manufacturing, and mining and quarrying sectors.
Belarus: Inflation recedes in April
May 13, 2019
Consumer prices were stable over the previous month in April (March: +0.4% month-on-month), with lower prices for services offsetting higher prices for food and non-food goods.
Belarus: Central Bank stays put in May
May 3, 2019
At its 3 May meeting, the National Bank of the Republic of Belarus (NBRB) left the refinancing rate unchanged at an over decade-low 10.0%, in line with analysts’ expectations.
Belarus: Industrial production stays muted in March
April 18, 2019
Industrial production grew 0.9% year-on-year in the January-March period, matching January-February’s result.
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