There is no need to hurry with the reduction of the refinancing rate, Chairperson of the Board of the National Bank of Belarus Nadezhda Yermakova said.

She noted that a further reduction of the key rate is possible under certain conditions. This will depend on the overall macroeconomic situation in the country, prices and inflation expectations. Decision on further cuts will be made in early July, when the statistics on inflation and other parameters are available.

Nadezhda Yermakova added that Belarus had every chance to meet the inflation rate forecast of 12% in 2013. “The calculations show Belarus will meet the inflation rate projections for the year,” the NBRB head said. An important factor is the current monetary policy. In January-May 2013 the inflation rate was at 6.6%.