OREANDA-NEWS. The refinancing rate of the National Bank of Belarus (NBB) will go down by 1 percentage point down to 20.5% per annum on July 16. The National Bank adopted a resolution to this effect on June 10, 2014. The document was posted on the national legislative portal on July 13.

It has been the third 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). On May 19 the refinancing rate was reduced by another percentage point to 21.5% per annum.

As previously reported, the NBB had planned to cut the refinancing rate of down to 14-16% in 2014, however NBB chief Nadezhda Yermakova said in July that the key rate could reach 18-20% by the end of the year.

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.