Today, the board of the National Bank of Belarus is holding a meeting dedicated to monetary policy. The meeting is considering a decision on adjusting the refinancing rate.
“Under these conditions, it is entirely logical to consider whether monetary policy parameters correspond to the emerging trends in the economy and the monetary sector. Therefore, today the board will consider the issue of the National Bank’s refinancing rate and the rates on liquidity support operations for banks.
Experts have prepared reasoned proposals on the levels of these rates. We will carefully review them today from different perspectives. Before making a decision, it is necessary to weigh all the arguments for and against, determine the most optimal level of these rates and assess how this will affect the country’s economic development”, said National Bank Chairman Raman Halouchanka, opening the meeting.
According to him, trends in the economy are characterised by sustained positive momentum, creating conditions for refining the National Bank’s policy.
“Macroeconomic indicators demonstrate a stable trend. The slowdown in inflationary processes, which began in the second half of 2025, continues. In April this year, annual inflation amounted to 5.4%, decreasing significantly compared with last year’s level. Gross domestic product has returned to positive growth, foreign trade indicators are improving, a stable situation is being maintained in the domestic foreign exchange market and households continue to demonstrate strong saving activity.
As of the end of April this year, annual growth in household term deposits in Belarusian roubles reached 40.5%, exceeding last year’s increase, which was also marked by high saving activity. Banks continue to provide the necessary lending support to the economy, and investment financing is growing. Annual growth in banks’ claims on the economy stood at 10.9% as of May 1. Investment financing increased by nearly 13% in January–April”, Halouchanka explained.
