BELARUS NEWS AND ANALYSIS

DATE:

27/11/2008

National Bank of Belarus could raise refinancing rate by year's end

MINSK. Nov 27 (Interfax) - The first deputy chairman of the National Bank of Belarus, Pavel Kallaur believes that the refinancing rate could be again raised by the end of year.

"We will reconsider the refinancing rate on a monthly basis. I do not exclude an additional rate increase," Kallaur told journalists in Minsk on Thursday, adding that the National Bank's decision in regards to the refinancing rate would bear in mind the current economic situation.

It was earlier reported that the National Bank, as of November 12, raised its rate from 10.75% to 11%. This increased was the fourth increase for 2008. Each increase came to 0.25 percentage points.

The National Bank forecasts a refinancing rate of 10%-12% for 2009 with inflation held at 9%-11%.

Consumer prices in Belarus in October went up 1% and 10.5% in January-October. In January-October 2007, inflation came to 7%.

In annual terms, inflation in October dropped to 15.7% from 16.3% in September.

Source:

http://www.interfax.com/3/450043/news.aspx

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