OREANDA-NEWS. The refinancing rate of the National Bank of Belarus (NBB) will go down by 1 percentage point down to 21.5% per annum on May 19, the NBB Public Relations Office told.

The move will make credits more affordable, with ruble deposits still yielding higher profits than foreign currency deposits, the NBB said.

The NBB has continued gradually reducing interest rates in the economy in May, but pledged to sustain a fairly tough monetary policy aimed at supporting macroeconomic stability.

It has been the second time since early this year that the NBB cut the refinancing rate. On April 16 the key rate was reduced by 1 percentage point to 22.5% down from 23.5% (set on June 10, 2013).

As previously reported, the NBB plans to cut the refinancing rate of down to 14-16% in 2014.

All in all, the refinancing rate was adjusted four times in 2013, eight times in 2012 down to 30% per annum. In 2011 Belarus raised the refinancing rate 12 times from 10.5% to 45% per annum.