The National Bank of Belarus does not rule out a decrease in the refinancing rate in 2026. This was announced by the head of the regulator, Roman Golovchenko.
He explained that, according to the National Bank's estimates, interest rates in 2026 will remain close to current levels, writes Office Life.
Since June 25, the National Bank of Belarus increased the refinancing rate from 9.5% to 9.75%. In early November, Roman Golovchenko noted that the refinancing rate at 9.75% is currently optimal for our country. He called spreads of 2-3% between the inflation rate and the refinancing rate optimal — and they remain so now.
In November, annual inflation in Belarus rose from 6.9% to 7%.
Now, Golovchenko clarified that if actual inflation slows down faster than projected by the National Bank, the regulator does not rule out steps to reduce the refinancing rate and, consequently, interest rates on deposits and loans.
He emphasized that ultimately, everything will depend on the real situation that unfolds.
According to Roman Golovchenko, to maintain price stability, the growth of money supply will be controlled. All necessary tools will be employed by the National Bank.
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