Belarus’ central bank drops refinancing rate to 9.25%

серада, 20.05.2026 - 13:22

The National Bank of the Republic of Belarus (NBRB) has lowered the refinancing rate to 9.25% per annum. Chairman of the NBRB Board Roman Golovchenko made the statement following a session of the NBRB Board held to review the refinancing rate and the rates on bank liquidity support operations, BelTA has learned.

“Today the Board of the National Bank decided to cut the refinancing rate and the overnight credit rate by 50 basis points. They will stand at 9.25% and 10.75% per annum respectively as from 1 June 2026,” Roman Golovchenko said.

In his words, all factors were analyzed starting with actual and expected inflation, the level of business activity in the country, the situation on the foreign currency market and the credit-and-deposit market and ending with the external background and its possible changes in the future. The emerging trend towards slower inflationary processes was named among the factors that influenced the decision. In 2025 the annual growth of consumer prices settled at 6.8% after hitting a peak of 7.4% in July.

“Inflation continues declining steadily this year. In the first four months consumer prices increased by 2.5% whereas a year earlier they grew by 3.8%. As a result, annual inflation dropped to 5.4% in April, just as we predicted. This is virtually the lowest value for this period over the last two years,” Roman Golovchenko informed.

The main component of inflation, its core element, also decreased. In April 2026 it stood at 5.9% year-on-year after reaching 7.6% in June 2025.

“Trend inflation, meaning inflation stripped of short-term shocks, is currently estimated at around 5% whereas back in H2 2025 it exceeded 6%. According to our estimates, the slowdown in inflation is the result of both external and internal factors. External conditions are turning out to be more favorable. This is why prices for imports are growing less intensively. In particular, annual price growth in the Russian Federation slowed down to 5.6% in April 2026 after hitting 10.2% a year earlier. The indicators characterizing economic processes within the country as a whole also testify to a progressive decline in pressure on consumer prices. It is manifested in more moderate growth rates of the main macroeconomic indicators than last year,” Roman Golovchenko noted.

Another key factor is the stable situation on the deposit market. Personal savings continue steadily flowing into banks, primarily in Belarusian rubles. At the same time, the priority continues shifting towards deposits with longer maturity periods – over one year. The balances on such deposits grew by more than Br2 trillion (by 19%) in January-April 2026.

“Such behavior of the population on the deposit market contributes to a qualitative improvement in the structure of the money supply and also supports the trend towards the economy de-dollarization. For instance, in April 2026 the share of the ruble component in the money supply rose to 66.7% against 65.1% in December 2025. At the same time, fixed-term irrevocable deposits account for more than 32% of the ruble money supply. This is an increase of essentially 30% compared to December 2025,” Roman Golovchenko added.

He also drew attention to the fact that credit growth rates are estimated as moderate. According to NBRB estimates, they do not create conditions for excessive pressure on prices.

“The resources available to banks are sufficient to meet the solvent demand for loans from both organizations and the population. In April 2026 banks’ demands on the economy grew by 11% in annual terms. First of all, the demand is formed for resources in Belarusian rubles. Such demands increased by 16%. At the same time, support for the investment activity of commercial entities remains in focus. In January-April 2026 Br2 billion was loaned for investment purposes. This is 13% more than in the same period of last year,” Roman Golovchenko said.

Apart from that, according to the NBRB forecast, which takes into account the decision made by the NBRB Board, the average monthly rates of core inflation will remain low until the end of this year. Its annual level will stay around 5% according to baseline indicators.

“At the same time, the inflationary impact from the economy will remain near neutral levels and the predicted slowdown of inflation in the Russian Federation, our main trading partner, will become an additional positive factor. Taken together, these factors as well as the predicted balance of risks predetermined the size of the current step in changing the interest rates of the National Bank – 50 basis points,” Roman Golovchenko said.

Speaking about future plans, he emphasized that it is too early to make statements on this matter for now. “We will see how the economy responds to today’s decision, how the situation will develop on the external perimeter, and how stable the macroeconomic processes in our economy will be,” the chairman of the NBRB Board noted, adding that if events develop favorably, it is possible that the NBRB will return to this matter later this year.

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ВОДГУКІ І ПЫТАННІ

Dear
English Service
Radio Belarus,

Greetings to all staff and listeners of English Service of Radio Belarus.
We listen your webcast program. Your program quality is very nice. Your website is colorful & documented.
We liked your programs, News, and Current Affairs Program. We are interested about Culture, life style of Belarusian people, historical places, Tourist attraction and destination of Belarus.
Please send some program schedule (A19), Calendar , sticker, view card, Promotional items of Radio Belarus for our club members and students.
21st June was fifth International Yoga Day observed across the world. The theme for Yoga Day 2019 was "Yoga for Climate Action”. On this day, which is dedicated to inner and outer well-being of human body, people across the world practice yoga in groups. The International Day of Yoga aims to raise awareness worldwide of the many benefits of practicing yoga, a physical, mental and spiritual practice.
We send you some photos related the program which was held in our area on the occasion of International Yoga Day. Our club members are also practice some Yoga.
We are waiting for your reply.

With best wishes,
SHIVENDU PAUL
PRESIDENT
METALI LISTENERS' CLUB
INDIA

Answer:

Dear Shivendu Paul and Metali Listeners' Club,

dthank you for your comment! We'll send you some of our souvenirs ASAP.
Stay tuned and 73,
RBI

Hallo Radio Belarus,

ja der Dieter Leupold ist jetzt auch hier im Gästebuch vertreten... Super, bald sind wir alle zusammen hier im "Belarus Hörerclub", Dieter könnte 1.Vorsitzender werden und Jana und Elena Ehrernmitglieder, Helmut Matt Schriftführer, Alfred Albrecht Beisitzer und ich mache Hausmeister:-) Lutz Winkler wie fit bist Du bereits wieder, für Dich finden wir auch eine nette Aufgabe:-) Beste Grüße und ein schönes Wochenende.

Dietmar

Answer:

Lieber Dietmar,

das stimmt, für alle finden wir im Hörerklub eine Aufgabe!:)
Liebe Grüße und einen guten Start in die Woche!

Здравствуйте. Говоря о красоте природы Беларуси, о менталитете её жителей неотъемлемой чертой которого является гостеприимство хочется назвать Беларусь таким синонимом как Добрарусь.
Сосновский Кирилл.
Адказ:
Дзякуй за водгук!

Hallo Jana und Jelena,
Höre gerade den tollen Song 10:45 min ( Hörerbriefkasten) Was ist das für ein traditionelles Instrument im Soloteil, klingt etwas wie ein Dudelsack, aber der ist ja in Schottland:-)
LG
Dietmar Wolf

Адказ:
Lieber Dietmar,
das ist wirklich ein Dudelsack :) In Belarus wird es aber Dudá genannt. Eigentlich ist Duda ein belarussisches traditionelles Musikinstrument. Übrigens gibt es viele Arten und Formen von Dudelsack in verschiedenen Kulturen und Ländern von Südamerica bis Indien.
PS: das Lied ist Каляда На Балоце von Тутэйшая Шляхта. ;)
Beste Grüße

Dear sir
How are you. I am rasheed from Pakistan. I am listners of radio Belarus. All programe is informative & intersting. I am intersting in history & culture. Thanks. Please send me some datiles about radio.
Muhammad RASHEED KHAN
PAKISTAN

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Dear Muhammad Rasheed Khan, thank you very much for listening to RBI! We'll send you a parcel via regular mail as soon as possible.
Stay tuned and 73!
RBI

Добрый день! Прошу уточнить, что за песня играла в субботу 29.09.2018 в период с 14.00 до 16.00 со словами "Маша Маруся...в Беларуси". Буду очень признательна за ответ.
Елена

Адказ:
Добрый день, Елена!
Интересующая вас музыкальная композиция - песня "Маня-Маруся", которую исполняет ансамбль "Сябры" (вокал: Валерий Рязанов)!
Спасибо, что Вы с нами!

Вiтаю радыё Беларусь! Я з`яуляюся сталым слухачом Вашай радыёстанцыi. Вельмi падабаюцца перадачы на замежных мовах, якiя даюць магчымасць не толькi даведацца, што адбываецца ў Беларусi i за яе межамi, але ж i ўдасканалiць веды ангельскай, нямецкай, французскай моваў, праслухаўшы перадачы. Хацелася б даведацца, цi плануе радыёстанцыя вяшчанне на FM у Мiнску, бо ў заходнiх рэгiёнах Беларусi радыёстанцыя на FM працуе. У шматнацыянальным Мiнску жыве шмат замежных грамадзян, таксама прыязджаюць турысты, якiя б маглi даведацца пра тое, што аббываецца ў краiне i за яе межамi праз радыё Беларусь. На сёння ў Мiнску няма нiводнай англамоўнай цi iншамоўнай радыёстанцыi. З павагай, ваш слухач Сяргей.
Адказ:
Сяргей, дзякуй за паведамленне! Сапраўды, у Мінску нашы перадачы ў ФМ-дыяпазоне не чуваць. Аднак вы можаце паслухаць абсалютна ўсе нашы перадачы непасрэдна на сайце радыё «Беларусь». Уверсе на старонцы ёсць два радкі: он-лайн вяшчанне і ФМ-вяшчанне. Так што далучайцеся да нас у Інтэрнэце!

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