Belarus main interest rate might be reduced to 13-15% by the end of the year, BelTA learnt from the Information and PR Department of the National Bank of the Republic of Belarus (NBRB) following the NBRB meeting on 24 January.

According to the central bank, tough approaches to address certain issues will stay in place this year. “The key rate will largely depend on the macroeconomic situation including the foreign economic sector and the currency market. Keeping the current favorable and positive trends in the economy, the main interest rate might go down to 13-15% in 2013. At the same time we cannot rule out the possibility of a higher interest rate in order to ensure macroeconomic stability,” the bank said.

The main interest rate was gradually reduced in 2012. It fell 15% last year and made up 30% on 12 September. “The rate stood unchanged by the end of the previous year due to the anti-inflation policy followed by the National Bank,” the bank said.

The changes in the main interest rate and rates on liquidity regulation instruments as well as the situation with the liquidity in the banking sector last year were the key factors to set the rates for interbank loans and the deposit and lending market. Attractive interest rates at the monetary market secured a strong growth of deposits in the Belarusian rubles. In 2012 fixed individual deposits in the national currency rose by Br5.8 trillion, or 62.3%.

At the meeting on 24 January the National Bank took stock of the implementation of the main monetary guidelines for 2012 and discussed the tasks of the banking sector for 2013. Partaking in the meeting were representatives of the State Control Committee, the National Assembly, ministries and departments, other governmental bodies, the Association of Belarusian Banks.

Belta