NBB Chief: Belarus Will Cut Key Rate to 22% in 2012
OREANDA-NEWS. July 18, 2012. The National Bank of Belarus (NBB) expects inflation growth at 20% in late 2012 and pledges to cut down the refinancing rate to 22%.
“The guiding number is 22% for the key rate and 20% for inflation. We hope the forecast will fulfill itself,” NBB chief Nadezhda Yermakova told reporters on June 29.
July will most likely witness another cut in the refinancing rate, but that will not happen on the first of July, as the NBB first needs to analyze the June statistics, Yermakova said.
As previously reported, Belarus saw the consumer price index grow 108.7% in 2011, although the initial forecast for 2011 stood at 7.5%-8.5%.
The refinancing rate now stands at 32% after the NBB cut the key rate by 2 percentage points down to 32% per annum on June 20, 2012.
That was a fifth cut in the refinancing rate since early this year. All in all, in 2011
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