The National Bank of the Republic of Belarus raised its refinancing rate by 75bps from a record low to 8.5 percent during its April 2021 meeting, the first rate hike since 2015 in order to limit inflation. The annual inflation rate edged down to 8.5 percent in March from an over 4-year high of 8.7 percent in February, remaining well above the central bank’s target of 5 percent. Policymakers expect inflation to continue to slow down and from the second quarter of 2022 it is estimated at the level of the medium-term target. The overnight credit rate and the overnight deposit rate were also increased by 75bps to 9.5 percent and 7.5 percent, respectively. The central bank canceled the schedule of monetary policy meetings for 2021 during its March meeting, and are now only convened when considered necessary. source: National Bank of the Republic of Belarus

Interest Rate in Belarus averaged 45.73 percent from 1991 until 2021, reaching an all time high of 480 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 April of 2021.

Interest Rate in Belarus is expected to be 7.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Belarus to stand at 8.00 in 12 months time. In the long-term, the Belarus Interest Rate is projected to trend around 8.50 percent in 2022, according to our econometric models.

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Belarus Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
8.50 7.75 480.00 7.75 1991 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-08-12 09:00 AM 7.75% 7.75% 7.75%
2020-10-14 09:00 AM 7.75% 7.75% 7.75%
2020-11-11 09:00 AM 7.75% 7.75% 7.5%
2021-03-12 09:00 AM 7.75% 7.75% 7.75%


News Stream
Belarus Hikes Rate to 8.5% for 1st Time since 2015
The National Bank of the Republic of Belarus raised its refinancing rate by 75bps from a record low to 8.5 percent during its April 2021 meeting, the first rate hike since 2015 in order to limit inflation. The annual inflation rate edged down to 8.5 percent in March from an over 4-year high of 8.7 percent in February, remaining well above the central bank’s target of 5 percent. Policymakers expect inflation to continue to slow down and from the second quarter of 2022 it is estimated at the level of the medium-term target. The overnight credit rate and the overnight deposit rate were also increased by 75bps to 9.5 percent and 7.5 percent, respectively. The central bank canceled the schedule of monetary policy meetings for 2021 during its March meeting, and are now only convened when considered necessary.
2021-04-14
Belarus Keeps Interest Rate at 7.75%
The National Bank of the Republic of Belarus kept its refinancing rate unchanged at a record low of 7.75 percent on March 12th 2021. In February, the annual inflation rate was at 8.7 percent, further away from the central bank’s target of 5 percent by the end of the year. In order to limit inflation, the bank said it will adopt measures aimed at the control of the monetary base and broad money supply. The overnight credit rate and the overnight deposit rate were also left unchanged at 8.75 percent and 6.75 percent, respectively. Policymakers canceled the schedule of monetary policy meetings for 2021, which will now only be convened when considered necessary.
2021-03-12
Belarus Holds Interest Rate Steady at 7.75%
The National Bank of the Republic of Belarus kept its refinancing rate unchanged at a record low of 7.75 percent on November 11th 2020. Policymakers noted that annual inflation rate ticked up to 6.2 percent in October, moving away from the central bank’s target of 5 percent, but attributed it to temporary factors such as the Belarusian rouble's weakening in August. Inflation is seen slowing to around 6 percent at the end of 2020, before reaching 5% by the end of 2021. The bank also said that the economy is expected to start recovering from the second semester of 2021, while ruling out any rate cuts for now. The overnight credit rate and the overnight deposit rate were also left unchanged at 8.75 percent and 6.75 percent, respectively.
2020-11-11
Belarus Leaves Monetary Policy Unchanged
The National Bank of the Republic of Belarus left its refinancing rate unchanged at a record low of 7.75 percent on August 22nd 2020. Policymakers said that they hold an additional meeting to discuss the rate on October 14th. In June, the annual inflation rate was at 5.2%, the same as in June as food prices slowed while cost of non-food goods rose further. The overnight credit rate and the overnight deposit rate were also left unchanged at 8.75 percent and 6.75 percent, respectively.
2020-08-12

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.