"Relying on tendencies that take place in the economy in the course of the latest months and its financial sector, and on a perspective outlook, the Board of the National Bank took the decision to cut the refinancing rate up to 38% per annum from the 1st of March 2012" - the National Bank informs.
Information Administration of the National Bank explained that monetary policy tightening of the last year, including tightening by means of interest rate increase, made it possible to stabilize the situation in the country and create conditions for the maintenance of economic balance. As the result, significant disinflation is being observed in the course of the latest months. Thus, the consumer price index in December 2011 amounted to 102.3%, in January 2012 - 101.9%, in two weeks of February - 100.9%.
"As the result, deposit interest rates in real terms have fixated steadily since January 2012 with their positive value at a quite high level. At that, the dynamics of time retail deposits reflects intensification of savings processes in the economy and growth of loyalty to the banking system. Since the establishment of a unitary rate, retail deposits in Belarusian banks in the national and foreign currency have increased by Br 7.6 trillion" - the National Bank informs.
Also, attention was paid to the ongoing improvement of the external trade and reduction in external economic disbalances. "Steady excess of supply of foreign currency over demand in the internal exchange market results in strengthening of the Belarusian ruble" - Information Administration of the National Bank explains.