MINSK, 11 July (BelTA) – The National Bank of Belarus increases the rate of refinancing by two percentage points to 20% per annum on 13 July 2011, BelTA learnt from the information department of the National Bank. The National Bank intends to implement a consistent interest rate policy aimed at gradually raising the general level of interest rates in the economy to help curb inflation and encourage saving processes in the country. The planned rise in interest rates will make the ruble-denominated deposits more attractive, strengthen the national currency and thereby increase its credibility among all economic agents. At the same the gradual increase takes into account the interests of the borrowers who have already taken out loans from banks, highlighted in the management of the National Bank. A reminder, on 22 June the refinancing rate was increased from 16% to 18%.

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