Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
MINSK, June 24 /Xinhua/ — The National Bank of Belarus will raise the refinancing rate from 9.5 percent to 9.75 percent from June 25. This decision was made at a meeting of the board of the National Bank of the country dedicated to the development of the situation in the economy and monetary sphere. The relevant information was published by the press service of the Belarusian National Bank on Monday.
As noted by the National Bank of Belarus, despite the continued positive dynamics of economic growth, the macroeconomic imbalance caused by the widening gap between the growth rates of labor productivity and wages is increasing. As a result of the increase in wages, consumption increases, leading to a significant increase in consumer imports. Income growth increases the creditworthiness of citizens, which, in turn, leads to increased demand for imported durable goods. The increase in consumer imports for the four months of 2025 amounted to 14.5 percent, which also indicates the risks of increased pressure on the current account balance of the balance of payments.
At the same time, there is a stable liquidity surplus in the banking system and an annual growth of the money supply at a level above 15 percent. Given the emerging high inflation trajectory, the Board of the National Bank of Belarus considers it necessary to make decisions aimed at increasing the attractiveness of savings in the economy and, as a consequence, the growth of the resource base for investment activity.
“In order to mitigate the above risks and stimulate investment activity, a decision was made to increase the refinancing rate by 25 basis points to 9.75 percent per annum from June 25, 2025, and the rates on permanently available liquidity support operations /overnight credit, overnight SWAP/ and bilateral liquidity support operations /lombard loans at a fixed rate and SWAP transactions/ by 25 basis points to 11.25 percent per annum,” said Roman Golovchenko, Chairman of the Board of the National Bank of Belarus. –0–