National Bank of Belarus to raise refinancing rate to 12% from March

On March 1, the National Bank of Belarus will raise the refinancing rate from 9.25% to 12%, Report informs referring to the regulator’s message.

"The Board of the National Bank of Belarus has decided to raise the refinancing rate to 12% per annum from March 1, 2022, the overnight loan rate to 13% per annum, and the overnight deposit rate to 11% per annum," reads the press release.

The adopted decision is aimed at maintaining financial stability and limiting inflation, the risks of accelerating which "increased against the backdrop of a sharp aggravation of the geopolitical situation and sanctions adopted by a number of Western countries against the Russian Federation, the main economic partner of the Republic of Belarus."