OREANDA-NEWS. February 1, 2013. The National Bank of Belarus expects to see the refinancing rate to slide down to 13-15% per annum by the end of 2013.

First Vice Chairman of the National Bank of Belarus (NBB) Nikolai Luzgin made a statement to this effect at a press-conference.

Belarus’ key rate was last adjusted on September 12, 2012, and now stands at 30% per annum. All in all, the refinancing rate was adjusted eight times in 2012.

At the same time, in accordance with the monetary management guidelines for 2012, the refinancing rate should have gone down to 20-23% by late 2012.

According to Luzgin, after a decline from 45% to 30% per annum in 2012, the refinancing rate should slide further down to 13-15% per annum in 2013.

“The general trend is that the key rate should go down, however we do not have a clear-cut plan and guidelines for adjusting the key rate of the financial market. We will not do that now, as we need to monitor the situation on the currency market,” Luzgin said.

All in all, in 2011 Belarus raised the refinancing rate 12 times from 10.5% to 45% per annum.