OREANDA-NEWS. The National Bank of Belarus (NBB) is likely to reduce the refinancing rate in the near future contrary to recommendations of the International Monetary Fund (IMF), NBB chief Nadezhda Yermakova told reporters on Tuesday.

The NBB would reduce the refinancing rate by 1.5 percentage points to 28.5% per annum on March 13, 2013. All in all, the refinancing rate was adjusted eight times in 2012, from 45% to 30%. The latest IMF mission, which visited Minsk a week ago, frowned at Belarus’ move to reduce the key rate and recommended the Belarusian government to get ready to raise the refinancing rate back again.

“One needs to think for oneself and take decisions in the context of current economic processes,” Yermakova said.

In her words, the NBB may reduce the refinancing rate any time soon. “The key interest rate has a prospect for going down, taking into account inflation rate over the last 20 days of March,” Yermakova said.