NBRB unwilling to reduce refinancing rate in August

        The refinancing rate of the National Bank of the Republic of Belarus will not be changed in August. It will stay at 23.5% per annum, representatives of the Information and Public Relations Office of the country’s central bank said. The decision was made after the matter was discussed by the NBRB Board.
      In July 2013 the complicated foreign trade situation and seasonal factors fuelled the demand of individuals and corporations for foreign currency, encouraging the withdrawal of ruble deposits and their conversion into forex deposits. In mid-July the NBRB took measures to arrest the processes. The situation on the domestic forex market and the deposits market was generally stabilized by the end of July.
The interest rate policy will stay rigid for the sake of preserving the stability on the financial market and curbing inflation. With the profitability of ruble deposits largely exceeding the profitability of forex deposits, a steady increase in ruble deposits will be secured.
     Later on the National Bank will continue pursuing an interest rate policy aimed at curbing inflation processes and supporting financial stability.