In July National Bank of Belarus will start reducing refinancing rate

In July this year the National Bank of Belarus will start reducing the refinancing rate, Chairman of the Board of the bank Piotr Prokopovich has told BelTA today. According to him, further adjustment of the refinancing rate depends on the economic situation in the country. “As soon as we reach the planned inflation level – 0.6% a month – we will be able to start reducing the rate,” said Piotr Prokopovich. “I think this will happen in July; in July we may start gradually reduce it,” he added. As BelTA informed earlier, on February 1, 2007 the National Bank increased the refinancing rate by one percentage point – up to 11% per annum. Till the end of the current year the bank plans to reach the planned level of the refinancing rate – 7-9% per annum.