Business news

MINSK, 2 November (BelTA) – The central bank intends to reduce the refinancing rate to 10% per annum in 2018, BelTA learned from Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur on the sidelines of the KEF 2017 conference Foundations of the Future on 2 November.

The National Bank’s draft monetary management policy for 2018 expects the refinancing rate to be close to 10% per annum, said the official. “We have no intention of making some big steps to reduce the refinancing rate next year,” said Pavel Kallaur.

The official noted that the central bank will have to make sure the balance of payments remains stable and inflation remains stable. According to the source, the central bank will try to get inflation down to about 6% and keep it there. “If the situation allows making decisions at a faster pace, we will do it,” explained the NBRB head.

The refinancing rate was reduced to 11% per annum in Belarus on 18 October. It was the eighth reduction since the beginning of the year.