The refinancing rate in Belarus will be reduced to 30% per annum from September 12

September 11, Minsk / BELTA /. The refinancing rate in Belarus will be reduced to 30% per annum from September 12, 2012. This decision is contained in Resolution No. 462 of the Board of the National Bank of Belarus dated September 7, 2012, the Information and Public Relations Department of the National Bank informed BELTA. "The actual inflation dynamics in the past period were within the forecast parameters, which, against the backdrop of the developing stable economic situation in the country, allowed for a gradual reduction in the refinancing rate," the National Bank explained. Setting this level of the refinancing rate will maintain the current stringency of monetary policy, which will contribute to slowing down inflation and creating conditions for its significant reduction in the medium term. At the same time, attractive conditions for savings in rubles will continue to be provided, with yields significantly exceeding those of deposits in foreign currency, the country's main bank emphasized. The previous time the National Bank of Belarus reduced the refinancing rate was on August 15 of the current year, from 31% to 30.5% per annum. The current reduction in the refinancing rate is the eighth since the beginning of the current year. During this time, the refinancing rate has been reduced by a total of 15 percentage points (from 45% to 30% per annum). At the same time, the National Bank has recently somewhat slowed down the pace of reduction of the refinancing rate - from 2 percentage points per month initially to 0.5 percentage points per month. In 2011, the refinancing rate was raised 12 times. According to the forecast indicators of the National Bank, the refinancing rate is planned to be reduced to 20-23% per annum by the end of 2012, provided that inflation decreases to 19-22%. -0-