NBRB: No sharp fluctuations in interest rates on interbank loans market in 2012

        There will be no sharp fluctuations in the interest rates on the Belarusian market of interbank loans in the national currency until the end of 2012, First Vice Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Nikolai Luzgin told reporters at Parliament:
"The situation on the market of interbank loans depends on many factors, but I think that by the end of the year there will be no sharp fluctuations. We have two goals here. On the one hand, we need to prevent a sharp rise in interest rates to avoid curbing GDP. On the other hand, it is necessary to keep ruble deposits more profitable than deposits in foreign exchange”.
       When asked whether the National Bank is going to issue money to back up the GDP growth, Nikolai Luzgin stressed that from 1 June 2012 the National Bank has not done monetary emissions as was agreed with the EurAsEC Anticrisis Fund. Sometimes small amounts are issued to provide short-term support of the current liquidity of banks, but this cannot be attributed to the monetary emission to support the economy, he said. In addition, the National Bank is already working with the EurAsEC Anticrisis Fund on the fifth tranche of the $3 billion loan, said Nikolai Luzgin. The country expects to get this tranche in 2013.