OREANDA-NEWS. The National Bank of Belarus (NBB) will not adjust the refinancing rate till the end of the year despite the financial instability in Russia, NBB chairwoman Nadezhda Yermakova told reporters.

The NBB's refinancing rate has been unchanged at 20% since August 13, 2014.

The NBB chief said she believes the current refinancing rate is adequate enough to keep interest rates and other parameters under control.

Yermakova also assured the audience that there is no necessity to devaluate the Belarusian ruble. In her words, Belarus should stay calm, track market trends and take well-judged decisions.

The NBB chief assured that Belarus will not lose anything on Russian credits as they were denominated in Russian rubles.

At the same time, she admitted that the financial situation in Russia had been taking a toll on Belarus' economy. Things will depend a great deal on oil prices, Yermakova said.

The NBB refinancing rate currently stands at 20% (set August 13, 2014). It was the third time since early this year that the NBB cut the refinancing rate. On May 19, 2014 the key rate was reduced by 1 percentage point to 21.5%. On April 16, 2014 the key rate was reduced by one percentage point to 22.5% from 23.5% (set June 10, 2013).

As previously reported, the NBB had planned to cut the refinancing rate of down to 14-16% per annum in 2014.