Belarus maintains rate as inflation rise seen temporary
The National Bank of the Republic of Belarus (NBRB) kept its refinancing rate at 7.75 percent, unchanged since June when it was lowered after a request by the country’s president, Alexander Lukashenko, who has ruled the country since 1994.
The central bank has cut its refi rate three times this year by a total of 125 basis points and 19 times since April 2016 by a total of 17.25 percentage points.
Inflation in Belarus accelerated for the third month to 6.2 percent in October, with NBRB saying this was mainly due to a depreciation of the local ruble against foreign currencies in August, and mainly reflected in the prices of imported non-food items.
”The weakening of the Belarusian ruble resulted from the increased demand for foreign currency in the domestic foreign exchange market,” the bank’s chairman, Pavel Kallaur, said in a statement, adding this was linked to increased negative expectations about the prospects for further economic growth along with an outflow of ruble and foreign currency savings from banks.
Source: http://www.centralbanknews.info/2020/11/belarus-maintains-rate-as-inflation.html
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