OREANDA-NEWS. Credit interest rates in Belarus are likely to reduce soon, Belarus' Prime Minister Mikhail Myasnikovich said July 1 at the ceremony of presenting government awards.

“The cost of credit resources will go down soon, and credit interest rates on the market will get back to normal,” Myasnikovich said. In his words, one of the key prerequisites for this is the USD 2 billion bridge credit provided by Russia and the foreign trade surplus sustained for a period of 5 months in a row.

As previously reported, in a bid to make credits more affordable, the National Bank of Belarus put a ceiling on interest rates on bank loans for resident entities. The maximum interest rate shall not exceed the average interest rate on new credits issued to entities during the preceding month. In May 2014 the average interest rate stood at 37.3%, which is much higher than the National Bank's refinancing rate, which is equal to 21.5% per annum.

The premier has assured that Belarus will keep up “stability in the economy and on the foreign exchange market”.

Myasnikovich has also announced a plan to raise wages in the public sector. “Being a public servant must be both prestigious and economically attractive,” the premier said.