BELARUS NEWS AND ANALYSIS

DATE:

30/11/2006

National Bank of Belarus cuts refinancing rate

RBC, 30.11.2006, Minsk 09:33:01.The National Bank of Belarus has resolved to lower the refinancing rate by 0.5 percentage points to 10 percent per annum from December 1, 2006, the bank's press office said. The decrease is in line with the republic's guidelines for monetary policy in 2006, and reflects the main trend towards economic and financial stability. The cut in the refinancing rate was above all facilitated by a substantial decrease in inflation, as from January to October 2006 consumer prices grew by 3.8 percent, compared to 5.6 percent last year.

The cut is primarily aimed at making bank credits cheaper and more available for the public and organizations. However, banks will still offer higher profits from deposits in the national currency than from deposits in foreign currencies.

Source:

http://www.rbcnews.com/free/20061130093301.shtml