National Bank has decided not to reduce the refinancing rate.

12 August, 2020 г.
The refinancing rate and interest rates on operations of liquidity regulation of the National Bank remain at the current level, said the press service of the National Bank.
The corresponding decisions were taken by the board of the National Bank of Belarus following the session on monetary policy on August 12th, 2020.
Following the decision of the Board the issue of the refinancing rate will be considered at an additional session on monetary policy on October 14th, 2020.
It should be reminded that from July 1, 2020 the refinancing rate was reduced from 8 to 7.75% per annum, the overnight loan rate from 9 to 8.75% per annum and the overnight deposit rate from 7 to 6.75% per annum. This decision on the rate was an extraordinary one - a meeting of the National Bank board on the refinancing rate was scheduled for August 12, 2020. But June 19, the President demanded to lower the rate already in June.
Alexander Lukashenko recalled that the Prime Minister and the head of the National Bank were responsible for GDP and income growth, as well as for price control. "And from now on, the chairman of the National Bank is chief aide to the Prime Minister for the payment of wages and work of enterprises," added Alexander Lukashenko.
"Take a look at the refinancing rate, too," he said. - All countries are actively reducing it, trying to revive their economy. We have the consumer price index in the parameters of the socio-economic development forecast, so the cost of bank credit should be reduced more actively. I'm waiting for the decisions of the government and the National Bank, without delay, until the end of June.
The experts expressed concern that further reduction of the rate would increase pressure on the ruble and disturb the macroeconomic balance.

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