National Bank Advises Against Expecting Faster Interest Rate Cuts in 2027

Reform.news Editorial Team · 4 November 2026, 12:42

https://reform.news/en/national-bank-advises-against-expecting-faster-interest-rate-cuts-in-2027/

There should be no expectation of accelerated interest rate cuts in 2027, said Aliaksandr Yahorau, First Deputy Chairman of the Board of the National Bank of Belarus. According to him, inflation expectations among the public are declining and are already close to the actual inflation rate.

“Based on surveys, we found that expectations had fallen by around 3–4 percentage points compared with last year. This made it possible to lower interest rates while keeping them at roughly the same level in real terms, relative to inflation expectations, as they were last year,” he said.

No accelerated rate cuts are expected next year.

“Inflation expectations are now fairly close to the overall inflation rate. Accordingly, we should probably not expect interest rates to fall at an accelerated pace in 2027,” he said, BelTA reported.