OREANDA-NEWS. July 22, 2010. The National Bank of Belarus (NBB) plans to reduce its refinancing rate to 11.5% from 12% currently, the central bank said in a press release.

This will be the fourth reduction in the benchmark rate this year.

“The reduction in the key rate will promote further cuts in lending rates, which will facilitate economic growth in Belarus,” reads the press release of the NBB.

The central bank notes that ruble-denominated bank deposits offer a much higher yield than currency deposits because of higher rates and expected inflation rate.

The refinancing rate was cut to 12% on May 12, 2010.