OREANDA-NEWS. The refinancing rate of the National Bank of Belarus (NBB) will stay unchanged in December 2014 at 20% per annum. The NBB Board adopted a resolution to this effect on December 12.

By keeping the refinancing rate unchanged under current conditions (CPI down to 18.3% in November from 19.4% in October), the NBB will contribute to restraining inflation growth and supporting stability on the FX market and the market of bank deposits, the NBB said in a release.

The NBB has pledged to continue pursuing its interest rate policy aimed at sustaining financial and macroeconomic stability.

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.

In accordance with the national fiscal policy plan, Belarus' average annual refinancing rate is expected to reach 17-18% in 2015 (15-16% in late 2015).

The rate will largely depend on macroeconomic processes, including foreign economy and foreign exchange.