National Bank Raises Refinancing Rate by 5%

National Bank of Belarus passed a resolution № 503 on November 8, raising its key refinancing rate up to 40% per annum, which is its 11th increase for the year.

The rate hasn't been lowered since January 1. The last time it was reduced by 0.5% on September 15, 2009.

The highest level of the indicator amounted then to 480% in the country - from December 20, 1994 to February 20, 1995.

The lowest refinancing rate has been registered in Belarus since from December 2006 till January 2007, as well as in October 2007 - it made 10% then.

The latest increase of the refinancing rate by the National Bank occurred on October 14 - by 5% up to 35% per annum. The rate has increased by 28% YTD. Last time it was equal to 40% in September-October 2002.