The National Bank of Belarus cut its benchmark refinancing rate by 50bps to 11.5% on January 18th, 2023, after holding the rate steady since the start of its joint invasion of Ukraine with Russia in late February. It was the first interest rate cut since June 2020, with the bank’s board stating that inflation has shown a steady slowdown in recent months. The Board noted that inflation expectations have also improved, largely due to the inflow of rubles into the Belarussian banking system. The latest data showed that inflation in the country was at 12.8% in December, well below the seven-year high of 18.1% touched in July. On the growth front, Belarussian Prime Minister Golovchenko stated the economy is expected to have contracted 4% in 2022 amid sweeping sanctions from the West. source: National Bank of the Republic of Belarus

Interest Rate in Belarus averaged 43.74 percent from 1991 until 2023, reaching an all time high of 480.00 percent in November of 1994 and a record low of 7.75 percent in June of 2020. This page provides the latest reported value for - Belarus Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Belarus Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.

Interest Rate in Belarus is expected to be 11.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Belarus Interest Rate is projected to trend around 7.00 percent in 2024, according to our econometric models.

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Belarus Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-03-12 09:00 AM 7.75% 7.75% 7.75%
2022-02-28 08:10 AM 12% 9.25%
2023-01-18 09:05 AM 11.5% 12%


Related Last Previous Unit Reference
Interest Rate 11.50 12.00 percent Jan 2023
Money Supply M1 11947.28 12683.23 BYN Million Jan 2022
Money Supply M0 4673.44 4720.42 BYN Million Jan 2022
Money Supply M2 23826.22 24934.10 BYN Million Jan 2022
Money Supply M3 53281.10 54351.44 BYN Million Jan 2022
Foreign Exchange Reserves 7571.70 8264.60 USD Million Apr 2022
Deposit Interest Rate 11.00 11.00 percent Apr 2022
Lending Rate 13.00 13.00 percent Dec 2022
Cash Reserve Ratio 4.00 4.00 percent Jan 2022
Banks Balance Sheet 88403340.00 86886591.00 BYN Thousand Sep 2021

Belarus Interest Rate
In Belarus, interest rate decisions are taken by the National Bank of the Republic of Belarus. The official interest rate is the refinancing rate.
Actual Previous Highest Lowest Dates Unit Frequency
11.50 12.00 480.00 7.75 1991 - 2023 percent Daily

News Stream
Belarus Cuts Interest Rate for First Time Since 2020
The National Bank of Belarus cut its benchmark refinancing rate by 50bps to 11.5% on January 18th, 2023, after holding the rate steady since the start of its joint invasion of Ukraine with Russia in late February. It was the first interest rate cut since June 2020, with the bank’s board stating that inflation has shown a steady slowdown in recent months. The Board noted that inflation expectations have also improved, largely due to the inflow of rubles into the Belarussian banking system. The latest data showed that inflation in the country was at 12.8% in December, well below the seven-year high of 18.1% touched in July. On the growth front, Belarussian Prime Minister Golovchenko stated the economy is expected to have contracted 4% in 2022 amid sweeping sanctions from the West.
2023-01-18
Belarus Hikes Interest Rate to 12%
The National Bank of the Republic of Belarus lifted its refinancing rate by 275bps to 12% on February 28th 2022, in order to maintain financial stability and limit risks of rising inflation in light of sanctions imposed against its neighbour Russia. The annual inflation rate quickened to a three-month high of 10.4% in January, remaining well above the central bank’s target of 5%.
2022-02-28