The step is stipulated by the five-year action program. The refinancing rate is expected to average 15-17% in 2017
Plans have been made to reduce the refinancing rate to 14-16% per annum in Belarus by the end of 2017, BelTA learned from Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Sergei Kalechits.
According to the source, the step is stipulated by the five-year action program. The refinancing rate is expected to average 15-17% in 2017. The general drive towards gradually reducing interest rates will be continued in Belarus in 2017.
On the whole, in 2017 Belarus' monetary management policy will be geared towards facilitating the stable and balanced development of the national economy. The monetary management policy will still be aimed at slowing down inflation processes, stressed the deputy head of Belarus' central bank. Plans have been made to reduce inflation growth to at least 9% (December 2017 against December 2016).
According to Sergei Kalechits, the implementation of a flexible interest rate policy will be continued in Belarus in 2017. The central bank's participation in forming the exchange rate of the national currency will be limited. Efforts will be poured into optimizing and increasing the effectiveness of lending to the economy, including by gradually reducing the share of directive-based lending within the framework of government programs and projects.
The major monetary management guidelines for 2017 provide for a number of measures to develop the financial market and the payment system, to enable conditions conducive to better quality of banking services.
