The National Bank of Belarus is set to revisit the issue of lowering the refinancing rate in the near future. This was announced by Head of the Main Directorate for Monetary Policy and Economic Analysis Dzmitry Muryn.
“We see that the fundamental economic factors that previously exerted strong pro-inflationary pressure both domestically and from abroad — primarily imported inflation — are gradually weakening. All this increases the likelihood that in the coming months the board will consider the issue of reducing the refinancing rate,” he said, BelTA reported.
The next board meeting is scheduled for June. In June last year, the National Bank decided to raise the refinancing rate by 0.25 percentage points to 9.75% annually. The rate has therefore remained unchanged for a year.
Today, the National Bank is holding an extended board meeting to review the banking system’s performance in the first quarter.
“Assessing the main results of the first quarter, we can speak of the stable operation of the banking system, which is generally fulfilling the tasks set before it. There is a steady increase in banks’ long-term resource base. Demand for credit resources from the population and the economy is being fully satisfied. Inflation is slowing, with its annual dynamics below the target trajectory. In January-March 2026, prices increased by 1.6% against the maximum parameter of 2.5%. Core inflation amounted to 1.3% against the target of 1.6%, respectively. In annual terms, consumer price growth slowed to 5.4% in March. Preliminary data for April confirm the sustainability of the trend toward further slowing of inflationary processes, and there are all prerequisites for core inflation to be around 5% by the end of the year, while overall inflation will remain below the target parameter, which, I remind you, is set at no more than 7%,” National Bank Chairman Raman Halouchanka said.