OREANDA-NEWS. Belarus plans to reduce the refinancing rate down to 15-16% per annum in 2015 in the context of the government's efforts aimed at restraining inflation growth, reads the official forecast approved by the President of Belarus. Entitled "The basic parameters of Belarus' 2015 socioeconomic forecast", the document was approved by President Lukashenko's ordinance #550 of December 1, 2014 and officially posted on Wednesday.

The refinancing rate will play a key role in defining the cost of resources on the money market. The key rate will stay at the level, which is necessary for sustaining economic stability, says the document.

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. In July the NBB said the key rate could reach 18-20% by the end of the year.

In 2013 Belarus would reduce the refinancing rate four times, 2012 - reduced eight times down to 30%, 2011 - raised 12 times to 45% per annum.