In November Belarus’ National Bank not to cut refinancing rate

In November 2007, Belarus’ National Bank will not reduce the refinancing rate, Chairman of the Board of the National Bank Piotr Prokopovich told reporters on November 1. According to him, a possibility of cutting the refinancing rate in December will be considered by the Presidium of the Council of Ministers of Belarus and the National Bank’s Board of Directors. “Everything will depend on the economic situation,” said Piotr Prokopovich. Since October 1, 2007 the refinancing rate has been 10% per annum in Belarus. In line with the guidelines of Belarus’ monetary policy for 2007, it should be cut to 7-9% by the end of the year.