The refinancing rate in Belarus will be reduced to 12% by the end of the year

July 29, Minsk /Milena Anufrienok - BELTA/. The refinancing rate of the National Bank of Belarus will be reduced to 12% by the end of 2009, thus ensuring the fulfillment of the forecast indicator. This was announced by Chairman of the Board of the National Bank of Belarus Pyotr Prokopovich today at a press conference, according to a BELTA correspondent. According to Pyotr Prokopovich, "a lot of work needs to be done to reduce the refinancing rate." "This is an indicator that we are not currently meeting. But we still have time," he said. "I think the refinancing rate will gradually decrease and reach the planned level of 12% by the end of 2009." The Chairman of the Board of the National Bank refuted rumors in some media that interest rates on ruble loans may increase in Belarus due to the suspension of foreign currency loans to the population. "There will be no increase in interest rates on ruble loans for the population. On the contrary, they are planned to be gradually reduced," he emphasized. Currently, the refinancing rate is 14% per annum. As outlined in the Main Directions of Monetary Policy of Belarus for 2009, the refinancing rate of the National Bank by the end of 2009, with a projected inflation rate (9-11%) and changes in the Belarusian ruble exchange rate, may be set at 10-12% per annum. -0-

BELTA